Bally’s Corporation has reached a significant milestone with the successful acquisition of Tropicana Las Vegas from Gaming & Leisure Properties and PENN Entertainment. After an agreement was announced in April of the previous year, the acquisition of Tropicana Las Vegas’ non-land assets has been finalized for a total of $148 million. This achievement was made possible through a meticulous process involving approvals from the Nevada Gaming Control Board (NGCB) and the Nevada Gaming Commission. Under the agreement, Bally’s will lease the underlying land from GLPI for an initial period of 50 years, with an annual rent of $10.5 million.
A Jewel in the Heart of Las Vegas:
Located on a sprawling 35-acre parcel at the intersection of Tropicana Boulevard and Las Vegas Boulevard, the Tropicana Las Vegas Hotel and Casino in Nevada is a true gem in the heart of the city’s vibrant entertainment district. With 1,470 luxurious guest rooms, a sprawling 50,000 square feet of casino space featuring 1,000 gaming positions, a spectacular 1,200-seat performance theatre, and an expansive 100,000 square feet of convention and meeting space, the property offers an all-encompassing experience to its guests.
Bally’s Vision for the Western Region:
George Papanier, President of Bally’s Corporation’s casino resort division, expressed the company’s enthusiasm for the acquisition, considering Tropicana Las Vegas as an opportunity to establish a flagship property for their western region. With a strategic vision in mind, Bally’s intends to maintain the existing restaurant operations at Tropicana, assuring guests of a seamless experience while integrating the casino into the Bally’s player database. To further enhance the property’s appeal and success, Bally’s legal counsel, Dan Reaser, informed regulators that the company will be formulating a comprehensive marketing plan for the initial 90 to 120 days of ownership.
Bally’s Corporation has demonstrated its commitment to expanding its presence in the highly competitive Las Vegas market by completing the acquisition of Tropicana Las Vegas. The $148 million deal to secure the non-land assets of the renowned property marks a significant milestone in Bally’s strategic growth plan. With a prime location, luxurious amenities, and a solid foundation in place, the Tropicana Las Vegas property offers immense potential for Bally’s Corporation to establish it as a flagship destination in the western region. As the casino resort division, under the capable leadership of George Papanier, works to seamlessly integrate Tropicana into Bally’s player database, guests can expect a world-class gaming and entertainment experience. The future is bright for this iconic Las Vegas property as Bally’s embarks on its journey to elevate and redefine the Tropicana brand.