LAS VEGAS (KTNV) — Bally's Corporation announced it has agreed to buy the Tropicana Las Vegas in a deal for about $308 million.
The purchase price for Tropicana's non-land assets is $150 million, plus a lease deal worth $10.5 million a year for 50 years, according to a press release,
"Landing a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally's customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally's brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring a significant redevelopment of the property, which we believe will enhance its financial profile," said George Papanier, president and chief executive officer of Bally's Corporation
The Tropicana Las Vegas hotel-casino is located on the Las Vegas Strip and sits on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200 seat performance theater and 100,000 square feet of convention and meeting space.
Tuesday's deal announcement is expected to close in early 2022 pending regulatory approval and customary closing conditions.
Previously, Gaming and Leisure Properties, Inc., or GLPI, announced its purchase of the Tropicana Las Vegas had closed with Penn National Gaming back in April 2020.