The Tropicana in Las Vegas has changed hands; Bally’s Corporation has completed a $148m deal to purchase the resort’s “non-land assets” from Penn Entertainment and Gaming & Leisure Properties (GLPI)
The Tropicana in Las Vegas has changed hands; Bally’s Corporation has completed a $148m sell to purchase the resort’s “non-land assets” from William Penn Entertainment and Gaming & Leisure Properties (GLPI).
All parties position pen to paper on an acquisition correspondence inwards Apr 2021, but after a lengthy appendage that included getting favourable reception from the Silver State Gaming Control Board (NGCB), Bally’s now controls the Strip-side property.
It will let the underlying bring down from GLPI for an initial term of 50 years, paying $10.5m per year. But more importantly, this will see Bally’s make a foothold on the Las Vegas Strip.
There is already a Bally’s Las Vegas, which was once owned past the company’s spiritual predecessor, Bally Manufacturing.
However, this is currently owned past Caesars Entertainment, and is undergoing a rebrand to Horseshoe Las Vegas.
Bally’s has non stated whether it will preserve or vary the Tropicana brand, but when the acquisition was proclaimed cobbler's last year, current President of Retail George Papanier said it will explore “significant redevelopment of the property.”
“The Strip is visited past o'er 40 zillion players and guests per year, which we trust will significantly raise Bally’s client pedestal and player database,” Papanier remarked at the time.
He has also to a greater extent lately said the Tropicana will turn Bally’s “flagship property” out west, edifice on previous investments inward the region.
The Tropicana sits on a 35-acre share of earth at the nook of Tropicana Avenue and Las Vegas Boulevard. It features 1,470 guest rooms, 50,000 square feet of casino infinite and 100,000 foursquare feet of formula space.
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