Bally’s Corporation has agreed to purchase the Tropicana Las Vegas Hotel and On line casino from Gaming and Leisure Homes Inc. (GLPI). Bally’s estimates the transaction to be valued at about $308 million.
The purchase price for the Tropicana property’s non-land property is $150 million. In addition, Bally’s has agreed to lease the land underlying the Tropicana house from GLPI for an initial term of 50 a long time at once-a-year hire of $10.5 million, subject to raise about time. Bally’s and GLPI will also will enter into a sale-and-leaseback transaction relating to Bally’s Black Hawk, CO, and Rock Island, IL, on line casino properties for a income obtain value of $150 million payable by GLPI. The lease will have initial yearly fastened hire of $12 million, issue to improve above time.
The transaction is predicted to be accretive to Bally’s shareholders very long expression and will need no funds outlay from Bally’s at closing.
“Landing a preeminent spot on the Las Vegas Strip is a crucial step for us,” claimed George Papanier, president/CEO of Bally’s Corporation. “The Strip is visited by around 40 million gamers and friends for every year, which we feel will noticeably enhance Bally’s shopper foundation and participant database, as nicely as unlock promoting chances to leverage the iconic Bally’s manufacturer. This growth will also help the development and progress of our online and interactive enterprise. We seem forward to checking out considerable redevelopment of the home, which we feel will enhance its fiscal profile.”
The Tropicana Las Vegas Lodge and Casino consists of 1,470 guestrooms, 50,000 sq. ft. of casino room, a 1,200-seat effectiveness theater and 100,000 sq. ft. of convention and meeting room.
The transaction is predicted to shut in early 2022, subject to customary serious estate and performing money changes, receipt of essential regulatory approvals and other customary closing disorders.
Jones Working day represented Bally’s on the transaction. GLPI was represented by Goodwin Proctor.