As per the latest news reports, Bally’s Crop has agreed to buy the Tropicana casino situated in the Las Vegas strip for USD 150 Million. This deal is part of an acquisition spree by the land-based gaming and interactive entertainment provider, Bally’s. The brand will be acquiring the operations of the hotel and casino resort. According to Bally’s, the transaction is estimated to hit USD 308 Million in valuation
As per the deal, Gaming & Leisure will continue to own the property and collect the rent. This news comes just days after Bally’s reached an agreement to buy Gamesys Group Plc. The online gaming company was bought by Bally’s for USD 2.7 Billion. It was also reported that the Rhode Island-based operator is raising close to USD 850 Million in new stock offerings to help fund the Gamesys deal.
ALSO READ: Bally’s To Buy Gamesys For USD 2.7 Billion
With the Tropicana deal, Bally’s will get a strong footing in Las Vegas. It is likely that the company will remodel the property and install more slot machines and a new signage. The Tropicana Las Vegas hotel and casino has 1,470 guestrooms and 50,000 square feet of casino space with 1,000 gaming positions. It is located on a 35-acre land at the corner of the Tropicana and Las Vegas boulevards.
George Papanier, president and CEO of Bally’s Corp stated that landing a spot on the renowned Las Vegas strip was a key step for the company. Papanier said, “The strip is visited by over 40 Million players and guests per year, which we believe will significantly increase Bally’s customer and player database. It will also unlock marketing opportunities to leverage the iconic Bally’s brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring a significant redevelopment of the property, which we believe will enhance its financial profile.”
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