The Tropicana in Las Vegas has changed hands; Bally’s Corporation has completed a $148m deal to purchase the resort’s “non-land assets” from Penn Entertainment and Gaming & Leisure Properties (GLPI).
All parties put pen to paper on an acquisition agreement in April 2021, but after a lengthy process that included getting approval from the Nevada Gaming Control Board (NGCB), Bally’s now controls the Strip-side property.
It will lease the underlying land from GLPI for an initial term of 50 years, paying $10.5m per year. But more importantly, this will see Bally’s gain a foothold on the Las Vegas Strip.
There is already a Bally’s Las Vegas, which was once owned by the company’s spiritual predecessor, Bally Manufacturing.
However, this is currently owned by Caesars Entertainment, and is undergoing a rebrand to Horseshoe Las Vegas.
Bally’s has not stated whether it will keep or change the Tropicana brand, but when the acquisition was announced last year, current President of Retail George Papanier said it will explore “significant redevelopment of the property.”
“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,” Papanier remarked at the time.
He has also more recently said the Tropicana will become Bally’s “flagship property” out west, building on previous investments in the region.
The Tropicana sits on a 35-acre parcel of land at the corner of Tropicana Avenue and Las Vegas Boulevard. It features 1,470 guest rooms, 50,000 square feet of casino space and 100,000 square feet of convention space.
