PROVIDENCE – Bally’s Corp. is officially planting roots on the Las Vegas Strip.
The Rhode Island based gaming company announced Tuesday it has completed its acquisition of the Tropicana Las Vegas from Penn Entertainment and Gaming and Leisure Properties Inc. As part of deal Bally’s will pay $148 million for the nonland assets of the Tropicana payable to Gaming and Leisure Properties Inc.
Bally’s will lease the 35-acre parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard for 50 years at annual rent of $10.5 million.
All Tropicana employees and executives will be retained with the same pay, according to a report in the Las Vegas Journal when the Nevada Gaming Commission approved the sale on Sept. 22.
The Tropicana currently has 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat performance theater and 100,000 square feet of convention and meeting space, according to the original purchase release.
The previous Bally’s casino on the Las Vegas Strip was not part of Bally’s Corp. That property is owned by Caesars Entertainment, which is renaming the property under the Horseshoe brand.
