PROVIDENCE – The Nevada Gaming Commission approved Bally’s Corp.’s acquisition of the Tropicana Las Vegas, The Las Vegas Review-Journal reported Thursday.
The approval clears the way for the Rhode Island-based gaming company to close its purchase of the Las Vegas Strip property from Penn Entertainment for $308 million, a transaction Bally’s first announced in April 2021.
The deal is expected to close next week. All Tropicana employees and executives will be retained with the same pay, according to the report.
Landing a preeminent spot on the Las Vegas Strip is a key step for us,” said George Papanier, president, retail of Bally’s land-based casino businesses, when the deal was originally announced. “The strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally’s brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile.”
The Las Vegas Tropicana is located on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 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.
As part of the purchase agreement, Bally’s will lease the land the casino sits on from real estate investment trust Gaming and Leisure Properties Inc. for $10.5 million a year over 50 years.
In June, Bally’s sold the property of its two Rhode Island casinos, Twin River Casino in Lincoln and Bally’s Tiverton Casino & Hotel in Tiverton, to Gaming and Leisure Properties Inc. in a $1 billion lease-back deal. PBN reported then that transaction would likely go toward funding the company’s expansion, as well as a $190 million stock repurchase plan.
In April, Bally’s Corp. sold two casino properties in Illinois and Colorado, Bally’s Quad Cities in Rock Island, Ill., and Bally’s Black Hawk in Black Hawk, Col., to Gaming & Leisure Properties Inc. in a $150 million lease-back deal.
Bally’s representatives on Friday did not immediately respond to requests for comment on the Tropicana Las Vegas deal.
