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.
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Learn MoreBally’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.
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.