Bally’s paid a whopping $308M for iconic landmark, the Tropicana casino in Las Vegas
Bally’s Corporation bought the infamous Tropicana Casino in Las Vegas for $308M. The company bought the property from real estate investment trust Gaming and Leisure Properties (GLPI).
The value of the Tropicana’s non-land assets reaches $150M, and Bally’s will lease the land underneath the property from the GLPI for 50 years at $10.5 million in annual rent.
The two parties have also entered into a sale-and-leaseback transaction in reference to Bally’s Black Hawk and Rock Island in Illinois casino.
Bally’s CEO George Papanier shared his excitement in a statement:
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.
Papanier highlighted that the location is of the outmost importance as it draws in more than 40 million tourists a year. In accordance, he hopes that the acquisition will help boost Bally’s customer and player databases and online position.
The Tropicana Atlantic City is owned by Caesars Entertainment. The property was opened in April 1957 at a cost of $15M, described as the more expensive hotel-casino in the area at the time. The Tropicana stands on a 35-acre section of land and hosts 1,470 rooms, 50,000sq.ft of casino space with 1,000 gaming positions, and 100,000sq.ft of conference and meeting space to name a few.
Source: BELLEVILLE NEWS-DEMOCRAT
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