Bally's to pay $308M for Tropicana hotel on Las Vegas Strip

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FILE - In this Jan. 15, 2009 file photo a man walks past a sign promoting Les Folies Bergere show at the Tropicana in Las Vegas. The Tropicana Las Vegas Hotel and Casino is being sold to Bally's Corp. The company announced Tuesday, April 13, 2021, it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million. It was home for nearly 50 years to the "Les Folies Bergere" a glittery and feathery topless revue featuring quintessential Vegas showgirls that closed in 2009. (AP Photo/Jae C. Hong,File)

LAS VEGAS – The Tropicana Las Vegas Hotel and Casino, a Sin City namesake, is being sold to a new entrant among Las Vegas Boulevard resort owners.

Rhode Island-based Bally’s Corp. announced Tuesday it will acquire the iconic Strip property from Gaming and Leisure Properties Inc. for about $308 million.

The agreement for the nearly 1,500-room hotel, casino, theater and convention property also involves a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado and Rock Island, Illinois, casino properties, the company said.

“Landing a preeminent spot on the Las Vegas Strip is a key step for us,” George Papanier, Bally’s president and CEO, said in a statement.

Bally's Corp. does not own Bally’s Las Vegas on the Strip. That 2,800-room property at Flamingo Road is owned and operated by Caesars Entertainment Inc.

Papanier noted that Las Vegas draws more than 40 million tourists a year and said owning the Tropicana will boost Bally’s customer and player databases, unlock marketing opportunities and benefit Bally’s online and interactive business.

Bally's also announced a deal to combine with London-based online gaming operator Gamesys Group plc.

Neil Goulden, Gamesys chairman, said in a statement the recommended cash offer, including a Gamesys fiscal 2020 dividend, provides a 41.2% premium to the Gamesys share price at the time of the original proposal from Bally’s. Gamesys shareholders can elect to convert holdings to Bally’s shares.