The property is on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard and includes 50,000 square feet of casino space, a 1,200-seat performance theater and 100,000 square feet of convention and meeting space. “This expansion will also support the growth and development of our online and interactive business.” “The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally’s brand,” Papanier said in the news release. The Tropicana opened in 1957 and has been on the market for nearly a year. Penn agreed to operate the company for two years or until the land and casino were sold off.īally’s CEO and President George Papanier believes landing a spot on the Las Vegas Strip is a “key step” for the company, which plans to explore “significant redevelopment” of the 1,470-room property. The transaction is expected to close early next year, according to a Tuesday news release.īally’s will be taking the reins from Penn National Gaming Inc., which sold the land under Tropicana to real estate spinoff GLPI for $307.5 million in April 2020. GLPI, a gaming-focused real estate investment trust that acts as landlord to the property, will retain ownership of the land under the resort-casino and lease it back to Bally’s under an initial 50-year term for $10.5 million in annual rent, subject to increase. “It’s really exciting to see investment in the Strip at this time.”īally’s - which is unaffiliated with property operating under the same name on the Strip - has agreed to spend $150 million to operate the Tropicana. “This is an indicator of a lot of really good things,” said UNLV associate professor of hospitality Amanda Belarmino.

Gaming experts say they’re excited to see the company move onto the Strip, especially at a time when the market is still recovering from the pandemic. The move is the latest of many acquisition announcements from Bally’s, which has been rapidly expanding its brick-and-mortar portfolio and online gaming offerings in recent months.

is set to buy the Tropicana from Gaming and Leisure Properties Inc., a transaction valued at $308 million. Baskow/Las Vegas Review-Journal) Island-based Bally’s Corp. has agreed to purchase the hotel-casino from Gaming and Leisure Properties Inc., a transaction valued at $308 million, on Tuesday, April 13, 2021. A pedestrian walks outside the MGM Grand, across from the Tropicana in Las Vegas.

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