Bally's Completes Previously Announced Acquisition of Tropicana Las Vegas
Bally's Corporation (NYSE: BALY) has completed its acquisition of the Tropicana Las Vegas for $148 million in cash, payable to Gaming & Leisure Properties, Inc. (GLPI). Bally's will lease the land from GLPI for 50 years at an annual rent of $10.5 million. The Tropicana, located on a 35-acre site in Las Vegas, features 1,470 rooms, a 50,000 square foot casino, a 1,200-seat theater, and convention space. This acquisition enhances Bally's portfolio, aiming to strengthen its position in the casino-entertainment industry.
- Acquisition of the Tropicana Las Vegas increases Bally's asset base.
- Long-term 50-year lease strengthens operational stability.
- Strategic location in Las Vegas enhances market presence.
- Cash outflow of $148 million may impact liquidity.
- Annual land lease of $10.5 million adds ongoing expense.
PROVIDENCE, R.I., Sept. 27, 2022 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) today announced its completion of the previously announced acquisition of the Tropicana Las Vegas with Gaming & Leisure Properties, Inc. ("GLPI") and PENN Entertainment, Inc. ("PENN").
Bally's, GLPI and PENN completed the transaction relating to the acquisition of the non-land assets of the Tropicana Las Vegas for a cash purchase price of
The Tropicana Las Vegas Hotel and Casino is located in Las Vegas, Nevada on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat performance theater and 100,000 square feet of convention and meeting space.
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 15 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, formerly Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, Live at The Bike, the world's largest running poker livestream, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.
With 10,500 employees, the Company's casino operations include approximately 15,000 slot machines, 500 table games and 5,300 hotel rooms. Upon completing the construction of a temporary casino facility in Chicago, IL and a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 17 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Investor Contact
Robert Lavan
Chief Financial Officer
401-475-8564
InvestorRelations@ballys.com
Media Contact
Richard Goldman
Kekst CNC
646-847-6102
BallysMediaInquiries@kekstcnc.com
BALY-CAS
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SOURCE Bally's Corporation
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