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Bally's Corp. has agreed to purchase Gaming and Leisure Properties Inc.'s Tropicana Las Vegas Hotel and Casino. The companies have also entered into sale-leaseback agreements for additional casino properties.
The investor will reposition Harrah's Reno Hotel and Casino into Reno City Center, a mixed-use property with 528 apartment units and 250,000 square feet of office and retail space.
The transactions, which include The Venetian Resort Las Vegas and the Sands Expo and Convention Center, mark the companies exit from the Las Vegas market.