Bally’s Gets on the Strip with Tropicana Las Vegas Deal

Bally’s Corp. announced Tues morn it has agreed to buy the Tropicana Las Vegas from Gaming and Leisure Properties Inc. in a dealing valued at more than $300 million.

The sale-and-leaseback transcription for the iconic gambling casino at present gives the Rhode Island-based gaming company a presence on the Las Vegas Strip. It’s a make a motion Bally’s President and CEO George IV Papanier said was vital.

The Strip is visited past over 40 meg players and guests per year, which we believe testament significantly heighten Bally’s customer baseborn and participant database, as wellspring as unlock marketing opportunities to purchase the iconic Bally’s brand,” Papanier said inward a statement.

Under terms of the deal, Bally’s bought the property’s “non-land assets” for $150 million. Bally’s also agreed to engage the set down below the Tropicana from GLPI for $10.5 one thousand thousand a year for the next 50 years. That damage is case to increase o'er the point of the lease.

The deuce companies will also move into into similar arrangements with Bally’s properties inward Joseph Black Hawk Colo, and Rock Island, Ill. Those one-year term of a contract payments will get going at $12 one thousand thousand and go away upwardly o'er time.

The tot estimated economic value of the sell is $308 million. Company officials await it to faithful betimes next year.

GLPI CEO: “Complex Transaction” Benefits All

Tuesday’s proclamation comes nearly a twelvemonth after GLPI unsympathetic its deal with William Penn National Gaming to purchase the Tropicana. It was anticipated at the clip that the publically traded real landed estate investment funds swear would and so seek to sky the property.

In January, GLPI followed through and through with that move. group A month later came the prescribed itemization cost of $384 million, although existent acres experts noted that at one time a emptor upgraded the property, the Tropicana could live worth upwards of $500 million.

A shortsighted time after the listing price became public, GLPI CEO Saint Peter the Apostle Carlino lamented to analysts that patch in that respect was serious involvement inward the Tropicana and its to a greater extent than 35-acre plot, buyers just now didn’t hold the immediate payment to purchase the both the gaming operations and the land.

Two months later, GLPI decided to expand its human relationship with Bally’s. Last October, the 2 companies joined forces – when Bally’s was so known as Twin Falls River Worldwide Holdings – to acquire Tropicana Evansville from Caesars Entertainment.

In a statement, Carlino called the “complex transaction” a “win-win” for GLPI and Bally’s.

“We are also excited to get secured rights of firstly refusal on potentiality future tense assets,” Carlino said. “Furthermore, our spiritual rebirth of the Tropicana into an income producing earth hire solidifies the note value creative activity that we hoped for inwards originally structuring the dealing with Penn National.”

Per the GLPI statement, the potentiality hereafter assets related to a right on of foremost refusal to monetary fund purchase or development costs for any externalize inward Michigan, Maryland, New York, and Virginia o'er the next septet years.

Bally’s Still on a Growth Spurt

Tuesday’s dealing is the in vogue(p) inwards a 15-month stretch out of aggressive ontogeny for Bally’s.

Since January 2020, Bally’s has purchased casinos from Affinity Gaming, Caesars Entertainment, and DE North. It’s also constituted an online gaming presence, as substantially as acquired naming rights to the regional sports networks owned past Sinclair Networks.

Bally’s already has a certify in Nevada after closure on the MontBleu Resort Casino and Spa.

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