PROVIDENCE – The Nevada Gaming Fee authorized the acquisition of Bally’s Corp. Tropicana Las Vegas, The Las Vegas Evaluate-Journal reported Thursday.
The approval allows the Rhode Island-based gaming firm to finish its $308 million buy of the Las Vegas Strip property from Penn Leisure, a deal that Bally first introduced in April 2021.
The deal is anticipated to shut subsequent week. In line with the report, all Tropicana staff and executives will stay on the identical pay.
A key step for us is to have a distinguished location on the Las Vegas Strip,” mentioned George Papanier, President of Retail at Bally Land-based Casinos, when the deal was initially introduced. “The strip has over 40 million gamers and visitors a yr, which we consider will significantly develop Bally’s buyer base and participant base, in addition to open up advertising and marketing alternatives to leverage the long-lasting Bally’s model. This growth will even assist the expansion and growth of our on-line and interactive enterprise. We stay up for a serious refurbishment of the property, which we consider will enhance its monetary profile.”
Las Vegas Tropicana is situated on a 35-acre web site on the nook of Tropicana Boulevard and Las Vegas Boulevard. It contains 1,470 rooms, 50,000 sq. ft of on line casino area with 1,000 gaming seats, a 1,200-seat efficiency theater and 100,000 sq. ft of convention and convention area, in keeping with the unique buy announcement.
As a part of the acquisition settlement, Bally’s will lease the land on which the on line casino is situated. actual property funding fund Gaming and Leisure Properties Inc. for $10.5 million a yr for 50 years.
In June, Bally’s offered the property of two of its casinos in Rhode Island. Twin River On line casino Lincoln in addition to Bally’s Tiverton On line casino and Resort in Tiverton to Gaming and Leisure Actual Property Inc. in a $1 billion leaseback deal. PBN reported on the time that the transaction will doubtless go in direction of financing the growth of the corporate, in addition to a $190 million share buyback plan.
In April, Bali Firm. offered two casinos in Illinois and Colorado, Bally’s Quad Cities in Rock Island, Illinois and Bally’s Black Hawk in Black Hawk, Colorado, to Gaming & Leisure Properties Inc. in a $150 million leaseback deal.
Representatives for Bally didn’t instantly reply to requests for touch upon Friday. Tropicana deal in Las Vegas.
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