Tropicana las vegas slots6/16/2023 We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile.” “This expansion will also support the growth and development of our online and interactive business. “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. George Papanier, President and Chief Executive Officer of Bally’s, said at the time of the acquisition first being detailed: “Landing a preeminent spot on the Las Vegas Strip is a key step for us. It was said that the lease would have initial annual fixed rent of $12m. Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and, concurrent with the closing, entered into a 50-year ground lease with Bally’s, subject to extension upon Bally’s achieving a capital investment threshold, for an initial annual rent of $10.5mĪs local media outlets reported that the company plans to utilise the property as its flagship operations in the western region of the US, completion concluded an agreement that was first detailed in April 2021.Īs part of the partnership that was first disclosed, Bally’s also expanded its partnership with GLPI regarding a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado, and Rock Island, Illinois, casino properties for a cash purchase price of $150m. The real estate investment trust offloaded non-land real estate assets as PENN unloaded outstanding equity interests, with GLPI to receive a cash payment of $148m for the purchase of the Tropicana property’s non-land assets. Bally’s Corporation has finalised the long mooted acquisition of Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties and PENN Entertainment for $308m.
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