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.