PROVIDENCE – Rhode Island-based Bally’s Corp. has completed its acquisition of Tropicana Evansville casino operations from Caesars Entertainment Inc. for $140 million, the company said Friday.
As part of the deal, an affiliate of Gaming & Leisure Properties Inc. acquired the real estate associated with the Indiana-based casino for $340 million. GLPI will lease the property to Bally’s for $28 million per year, subject to escalation. Bally’s noted that GLPI also acquired the property associated with Bally’s Dover Downs casino for $144 million, and will lease it back to Bally’s for $12 million per year, subject to escalation.
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As part of its acquisition of Tropicana Evansville operations, Bally’s also acquired the rights to the Evansville operations’ sports betting and iGaming skins, the company said.
The property features 45,000 square feet of casino floor, four dining venues, a race and sportsbook, a back-of-house space, 21,000 square feet of convention space, a 243-room hotel tower and a 95-room boutique hotel.
“The Tropicana Evansville acquisition closing marks another major accomplishment in what has already been a truly remarkable year for Bally’s,” said George Papanier, Bally’s CEO and president. “As we continue to implement our growth and diversification strategy with precision, we are excited to welcome the Tropicana Evansville into the Bally’s family and look forward to the opportunity to provide our first-in-class land-based and interactive entertainment offerings to the Indiana gaming market.”
