Bally’s closes $148m Tropicana Las Vegas purchase deal from GLPI, PENN Entertainment
Bally’s and GLPI have also signed a lease agreement for the underlying land.
Bally’s Corporation has completed its previously announced purchase agreement of the Tropicana Las Vegas from Gaming & Leisure Properties, Inc. (GLPI) and PENN Entertainment, Inc. The company acquired the non-land assets of the property for $148m.
Of the total purchase amount, GLPI will walk away with close to $145m in cash after expenses and fees.
Under the terms of the deal, Bally’s will lease Tropicana’s underlying land from GLPI. Bally’s will pay an annual rent amount of $10.5m for an initial 50-year term.
GLPI said in a statement: “The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally’s master lease with GLPI.”
The Tropicana sits on a 35-acre parcel in the heart of Las Vegas. The facility offers guests 50,000 square feet of gaming space, 1,470 hotel room and access to a 1,200 square-foot performance theater.
Bally’s is a global casino and entertainment company that owns and manages 14 casinos in ten US states. Its casino operations have a total of 5,300 hotel rooms, 500 tables games and more than 15,800 slot machines.
The company’s digital arm, Bally’s Interactive, recently teamed up with Bragg Gaming Group. The two signed an iGaming content development agreement that involves Bally’s Interactive’s Virgin Casino, JackpotJoy and Vera&John online brands.
Through the partnership, Bragg will release proprietary slot studio content from Atomic Slot Lab and Indigo Magic, as well as Bragg’s third-party titles. Bally’s Interactive’s third-party partner studios will market an exclusive iGaming content distribution channel.
The company will offer content from Gaming Arts and King Show Games, with the option of adding more studios from both the US and UK regulated markets.
Tags/Keywords
Players trust our reporting due to our commitment to unbiased and professional evaluations of the iGaming sector. We track hundreds of platforms and industry updates daily to ensure our news feed and leaderboards reflect the most recent market shifts. With nearly two decades of experience within iGaming, our team provides a wealth of expert knowledge. This long-standing expertise enables us to deliver thorough, reliable news and guidance to our readers.
Latest News
