An iconic landmark in Las Vegas is being sold – the Tropicana hotel and casino has been snapped up by Bally’s Corporation.
Bally’s is buying the property from Gaming and Leisure Properties, a real estate investment trust, for $308m.
The price for the Tropicana’s non-land assets is $150m and additionally Bally’s is leasing the land underneath the Tropicana from GLPI for an initial term of 50 years at an annual rent of $10.5m.
Bally’s and GLPI are also entering into a sale-and-leaseback arrangement relating to Bally’s Black Hawk in Colorado and Rock Island in Illinois casinos for a cash price of $150m payable by GLPI.
Said Bally’s CEO George Papanier: “Landing a pre-eminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million players and guest each 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.”
The Tropicana is on a 35-acre section of land and has 1,470 rooms, 50,000sq.ft of casino space with 1,000 gaming positions, a 1,200-seat theatre and 100,000sq.ft of convention and meeting space.