Are you concerned about Bally’s Corp.’s plans to sell its two Rhode Island casino properties for $1B in a lease-back deal?

BALLY'S CORP. has agreed to sell the property and buildings of its two Rhode Island casinos, Twin River Casino in Lincoln and Bally’s Tiverton Casino & Hotel in Tiverton, to Gaming & Leisure Properties Inc. for $1 billion. Bally's would lease the properties and continue to operate and own the gambling operations at the facilities.

Bally’s Corp. on June 28 announced it has agreed to sell the property and buildings of Twin River Casino in Lincoln and Bally’s Tiverton Casino & Hotel in Tiverton for $1 billion to Gaming & Leisure Properties Inc.

Under the deal, Providence-based Bally’s would lease back both Rhode Island properties and continue to own, control and manage all the gaming operations of the facilities.

Bally’s says the deal is subject to regulatory review and won’t affect its local operations but has not responded to requests for comment on the approval process.

Paul Grimaldi, a spokesman for the R.I. Lottery, told Providence Business News the state is part of the regulatory process and must approve the sale.

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Clyde Barrow, a gambling industry analyst and general manager of Westport, Mass.-based gaming consulting firm Pyramid Associates LLC, told PBN casinos selling and leasing back properties has become more commonplace in the industry.

Bally’s has a 20-year deal with the state to operate legal gambling in a partnership with International Game Technology PLC.

Are you concerned about Bally’s Corp.’s plans to sell its two Rhode Island casino properties for $1B in a lease-back deal?

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