Bally’s gets thumbs up to Tropicana takeover

The regulators in Nevada have given approval to the proposed takeover of The Tropicana in Las Vegas by Bally’s Corporation.

The Nevada Gaming Control Board has approved the plan that includes the redevelopment of the property on The Strip and development of the venue as the Bally’s flagship property in the west.

Bally’s is proposing to buy the Tropicana from Gaming and Leisure Properties for $308m, a deal first mooted in April of 2021, says CDC Gaming Reports. The land it stands on would be leased by Bally’s from the same company for 50 years at an annual rent of $10.5m.

The Tropicana is currently operated by Penn Entertainment. It covers a 35-acre piece of land at the corner of Tropicana and Las Vegas Boulevard and has nearly 1,500 rooms, 50,000sq.ft of casino space, a theatre and convention space.