Bally’s is Going to Take over Tropicana
The U.S. state of Nevada regulators have given their approval to a takeover bid for Las Vegas-based Tropicana by Bally’s Corporation.
The Nevada Gaming Control Board has approved a plan according to which, in particular, the property on The Strip should be reconstructed and developed as the Bally’s flagship property in the west.
It’s worth highlighting that Bally’s Corporation is a global casino entertainment company that operates numerous casinos and resorts and offers a wide range of slot machines and table games, as well as hotel rooms.
Bally’s Corporation made a proposal for $308 million to buy the Tropicana from Gaming and Leisure Properties. According to CDC Gaming Reports, the first discussion of the deal took place in April last year. It is worth noting that the land on which the gambling facility is located will be leased by Bally’s from the same company.
The lease will last 50 years with an annual rent of $10.5 million.
Tropicana is currently operated by Penn Entertainment. The gambling facility is located on a 35-acre land plot at the corner of Tropicana and Las Vegas Boulevard. The building has 50,000 square feet of casino space and a total of almost 1,500 rooms. The facility also has a conference room and a theater.
Let us recall that Rivers Casino and Resort Schenectady will host a hiring event soon.