Bally's buying Tropicana hotel on Las Vegas Strip for $308M

LAS VEGAS (AP) - The Tropicana Las Vegas Hotel and Casino, a namesake of Sin City, is being sold to a new addition among the resort owners of Las Vegas Boulevard.
Rhode Island-based Bally's Corp. announced Tuesday that it will acquire the iconic Strip property from Gaming and Leisure Properties Inc. for approximately $ 308 million.
The agreement for the nearly 1,500 room hotel, casino, theater and convention property also includes a sale and leaseback transaction for Bally's Black Hawk, Colorado and Rock Island, Illinois casino properties.
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"Landing a prominent spot on the Las Vegas Strip is an important step for us," said George Papanier, President and CEO of Bally, in a statement.
Bally's Corp. does not own Bally's Las Vegas on the Strip. The 2,800 room property on Flamingo Road is owned and operated by Caesars Entertainment Inc.
Papanier found that Las Vegas attracts more than 40 million tourists annually. Owning the Tropicana will improve Bally's customer and player databases, open up marketing opportunities and promote Bally's online and interactive business.
The transaction is expected to close early next year. The non-land price of Tropicana real estate was $ 150 million, according to Ballys. Bally's plans to lease the underlying Tropicana property from Gaming and Leisure Properties for an initial term of 50 years with an annual lease of $ 10.5 million.
In the sale-and-leaseback transaction of Bally's Black Hawk and Rock Island, gaming and recreational properties pay $ 150 million and an initial annual fixed rent of $ 12 million.
Bally owns and operates 12 casinos in eight states, including Bally's Atlantic City, New Jersey, and, upon completion of multiple acquisitions, is expected to own and manage 15 casinos in 11 states.
The Tropicana Atlantic City is owned by Caesars Entertainment.
Bally's is already licensed as a casino operator in Nevada. The MontBleu Resort near Lake Tahoe was bought by Caesars earlier this month.
The Tropicana Las Vegas opened in April 1957. It has two towers of 22 and 21 stories on 14 acres of land at the intersection of Las Vegas Boulevard and a major thoroughfare named after it. The hotel has operated as DoubleTree by Hilton for the past few years.
The property was purchased by Penn National Gaming for $ 360 million in 2015, and Penn sold Tropicana land to its spin-off Gaming and Leisure Properties for $ 337.5 million in rental credits last year.

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