The much-anticipated renovation of the famous Tropicana hotel and casino on the Las Vegas Strip can now go ahead following the closing of the purchase of the property by Bally’s Corporation, announced yesterday.
The acquisition deal is with Gaming and Leisure Properties and Penn Entertainment and has a cash consideration of $148m. Bally’s will lease the land for 50 years at a rent of $10.5m annually.
The hotel has nearly 1,500 rooms, 50,000sq.ft of casino space with 1,000 gaming positions, a 1,200-seat theatre and 100,000sq.ft of meeting rooms.
Gambling News from NewsCasinoNew.com is made for the most passionate fans of online casinos and internet gambling. We cover everything: from popular gambling world events and trends to new casino slot game releases and reviews, you will find the latest news stories.
