Bally's Corp. has agreed to acquire Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties. The transaction is estimated to value $308 million.
Bally's, which provides gaming and interactive entertainment, also plans to acquire the property's non-land assets, as well as Penn National Gaming's equity interests in the hotel and casino for $150 million in cash.
Bally's has additionally agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at an annual rent rate of $10.5 million; subject to increase over time.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
