{"id":170347,"date":"2021-04-13T06:48:16","date_gmt":"2021-04-13T13:48:16","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=170347"},"modified":"2021-07-06T05:51:36","modified_gmt":"2021-07-06T12:51:36","slug":"ballys-gets-on-the-strip-with-tropicana-las-vegas-deal","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/","title":{"rendered":"Bally’s Gets on the Strip with Tropicana Las Vegas Deal"},"content":{"rendered":"

Bally\u2019s Corp. announced Tuesday morning it has agreed to buy the Tropicana Las Vegas from Gaming and Leisure Properties Inc. in a transaction valued at more than $300 million.<\/p>\n

\"Tropicana
Bally’s Corp. announced on Tuesday that it has agreed to purchase the Tropicana Las Vegas from GLPI in and sale-and-leaseback transaction. The Rhode Island-based company will also lease properties in Colorado and Illinois as part of the arrangement. (Image: FOX 5 Las Vegas)<\/figcaption><\/figure>\n

The sale-and-leaseback arrangement for the iconic casino now gives the Rhode Island-based gaming company<\/a> a presence on the Las Vegas Strip. It’s a move Bally\u2019s President and CEO George Papanier said was vital.<\/p>\n

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,\u201d Papanier said in a statement.<\/p><\/blockquote>\n

Under terms of the deal, Bally\u2019s bought the property\u2019s \u201cnon-land assets\u201d for $150 million. Bally\u2019s also agreed to lease the land under the Tropicana from GLPI for $10.5 million a year for the next 50 years. That price is subject to increase over the period of the lease.<\/p>\n

The two companies will also enter into similar arrangements with Bally\u2019s properties in Black Hawk Colo, and Rock Island, Ill. Those annual lease payments will start at $12 million and go up over time.<\/p>\n

The total estimated value of the deal is $308 million. Company officials expect it to close early next year.<\/p>\n

GLPI CEO: “Complex Transaction” Benefits All<\/h2>\n

Tuesday\u2019s announcement comes nearly a year after GLPI closed its deal<\/a> with Penn National Gaming to buy the Tropicana. It was anticipated at the time that the publicly traded real estate investment trust would then seek to flip the property.<\/p>\n

In January, GLPI followed through with that move. A month later came the official listing price of $384 million<\/a>, although real estate experts noted that once a buyer upgraded the property, the Tropicana could be worth upwards of $500 million.<\/p>\n

\n

A short time after the listing price became public, GLPI CEO Peter Carlino lamented to analysts that while there was serious interest in the Tropicana and its more than 35-acre plot, buyers just didn\u2019t have the cash to buy the both the gaming operations and the land.<\/p>\n<\/div>\n

Two months later, GLPI decided to expand its relationship with Bally\u2019s. Last October, the two companies joined forces \u2013 when Bally\u2019s was then known as Twin River Worldwide Holdings \u2013 to acquire Tropicana Evansville<\/a> from Caesars Entertainment.<\/p>\n

In a statement, Carlino called the \u201ccomplex transaction\u201d a \u201cwin-win\u201d for GLPI and Bally\u2019s.<\/p>\n

\u201cWe are also excited to have secured rights of first refusal on potential future assets,\u201d Carlino said.\u00a0\u201cFurthermore, our conversion of the Tropicana into an income producing ground lease solidifies the value creation that we hoped for in originally structuring the transaction with Penn National.\u201d<\/p>\n

Per the GLPI statement, the potential future assets related to a right of first refusal to fund purchase or development costs for any project in Michigan, Maryland, New York, and Virginia over the next seven years.<\/p>\n

Bally’s Still on a Growth Spurt<\/h2>\n

Tuesday\u2019s transaction is the latest in a 15-month stretch of aggressive growth for Bally\u2019s.<\/p>\n

Since January 2020, Bally\u2019s has purchased the real money casinos<\/a> from Affinity Gaming, Caesars Entertainment, and Delaware North. It\u2019s also established an online gaming presence, as well as acquired naming rights to the regional sports networks owned by Sinclair Networks.<\/p>\n

Bally\u2019s already has a license in Nevada after closing on the MontBleu Resort Casino and Spa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s Corp. announced Tuesday morning it has agreed to buy the Tropicana Las Vegas from Gaming and Leisure Properties Inc. in a transaction valued at more than $300 million. The sale-and-leaseback arrangement for the iconic casino now gives the Rhode Island-based gaming company a presence on the Las Vegas Strip. It’s a move Bally\u2019s President […]<\/p>\n","protected":false},"author":45,"featured_media":170348,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,33810],"tags":[],"acf":[],"yoast_head":"\nBally's Gets on the Strip with Tropicana Las Vegas Deal - Casino.org<\/title>\n<meta name=\"description\" content=\"The sale-and-leaseback arrangement for the Tropicana now gives the Rhode Island-based Bally's a presence on the Las Vegas Strip.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Gets on the Strip with Tropicana Las Vegas Deal - Casino.org\" \/>\n<meta property=\"og:description\" content=\"The sale-and-leaseback arrangement for the Tropicana now gives the Rhode Island-based Bally's a presence on the Las Vegas Strip.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-13T13:48:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-07-06T12:51:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/5f204fd53900b.image_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1325\" \/>\n\t<meta property=\"og:image:height\" content=\"745\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Bittenbender\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Bittenbender\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/\",\"name\":\"Bally's Gets on the Strip with Tropicana Las Vegas Deal - Casino.org\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/5f204fd53900b.image_.jpg\",\"datePublished\":\"2021-04-13T13:48:16+00:00\",\"dateModified\":\"2021-07-06T12:51:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/eb30e765d812fc9b38b333f8d13068b2\"},\"description\":\"The sale-and-leaseback arrangement for the Tropicana now gives the Rhode Island-based Bally's a presence on the Las Vegas Strip.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gets-on-the-strip-with-tropicana-las-vegas-deal\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/5f204fd53900b.image_.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/04\/5f204fd53900b.image_.jpg\",\"width\":1325,\"height\":745,\"caption\":\"Bally's Corp. announced on Tuesday that it has agreed to purchase the Tropicana Las Vegas from GLPI in and sale-and-leaseback transaction. 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