Bally’s Acquires Strip Property and Completes Tropicana Deal

Bally’s Acquires Strip Property and Completes Tropicana Deal

Bally's Corporation

Bally’s Corporation, a global casino entertainment corporation, has finalized the planned acquisition of the Tropicana Las Vegas‘ non-land-based assets.

Bally’s paid $148 million to acquire the non-land-based assets of the property, as disclosed in April 2021.

The most recent acquisition compliments the company’s expanding U.S. presence in the casino and resort sector.

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Bally’s Corporation Completes Tropicana Acquisition 

Bally’s agreed to purchase the non-land-based assets of Tropicana Las Vegas for $148 million in cash, payable to Penn Entertainment and Gaming & Leisure Properties Inc, in order to complete the acquisition (GLPI). In addition to the cash purchase price, Bally’s agreed to lease from GLPI the land beneath the resort site. The annual rent for the Tropicana Las Vegas’s underlying land is set at $10.5 million with an initial period of 50 years.

Bally’s first property on the iconic Las Vegas Strip is the Tropicana. A hotel and casino are situated on a 35-acre plot at the intersection of Tropicana Boulevard and Las Vegas Boulevard. The Tropicana Las Vegas Hotel and Casino has 1,470 hotel rooms in addition to 50,000 square feet of casino space with 1,000 gaming stations. In addition, the venue features 100,000 square feet of convention and meeting space, as well as a 1,200-seat performance theater.

Bally’s Expands Its U.S. Footprint

The initial statement of the plan to acquire the Tropicana dates back to the previous year. In April 2021, Bally’s announced its intention to acquire the property’s non-land-based assets for about $150 million. Similar to the terms stated upon the closure of the acquisition, Bally’s anticipated leasing the property’s underlying land for 50 years at an annual rent of $10.5 million.

Peter Carlino, chairman and CEO of GLPI, stated at the time of the initial announcement that the company is thrilled to expand its relationship with Bally’s through the new agreement. Moreover, he characterized the proposed merger as “a win-win for both companies.”

The new hotel and casino resort supports Bally’s further expansion. Currently, the corporation has a presence in ten U.S. states, where it owns and operates fifteen casinos and a horse racetrack in Colorado. In addition, Bally’s has gained online sports betting licenses in 18 U.S. states.

Marc Crisafulli, executive vice president of government relations, legal and regulatory affairs at Bally’s, announced his retirement earlier this month. The effective date of his retirement was September 16. During his stint at Bally’s, Crisafulli held numerous positions of leadership. Since November 2020, he has held the position of executive vice president of government relations, and legal and regulatory affairs.

 

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About Lou De Aguila

Lou Aguila is a contributor to Golden Casino News. For over a decade, Lou has published news and featured articles for some of the most reputable sports betting and online casino sites in the world, including BetNow.UK, VegasOdds, and BWin. Apart from being a hardcore live casino punter, he also covers sports stories in North American leagues from time to time.