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.
