Steve Hill on Las Vegas events
The Tropicana Las Vegas Hotel and Casino is for sale.
Bally’s Corp. announced Tuesday that it has acquired the iconic Las Vegas Strip property worth approximately $ 308 million from Gaming and Leisure Properties Inc.
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The nearly 1,500-room hotel, casino, theater and conference property agreement also includes a sale and leaseback transaction involving Bally’s Black Hawk, Colorado, and Rock Island, Illinois, casino properties.
“Landing an important spot on the Las Vegas Strip is an important step for us,” George Papanier, Bally’s president and CEO, said in a statement.
He noted that Las Vegas attracts more than 40 million tourists a year and said that owning the Tropicana would boost Bally’s customer and player databases in Rhode Island, unlock marketing opportunities, and benefit Bally’s online and interactive business.
FILE – On this August 4, 2015, file photo, sunlight illuminates a sign in the Tropicana hotel and casino in Las Vegas. (AP)
VEGAS BENEFITS AS NEVADA RESTRICTIONS ON CORONAVIRUS
The deal is expected to close early next year.
Bally’s owns and operates 12 casinos in eight states, and said it will own and operate 15 casinos in 11 states after several acquisitions are completed.
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Bally’s is already licensed as a casino operator in Nevada and acquired the MontBleu Resort near Lake Tahoe earlier this month from Caesars Entertainment Inc. bought.
The 22-story tropicana opened in April 1957. It is on a 35-acre parcel at a Las Vegas Boulevard intersection named for it. It is operated as a DoubleTree by Hilton.