Bally’s Acquisition of Tropicana Receives Initial Clearance
Bally’s Corp, based out of Rhode Island, has received initial approval regarding its plans to acquire the operations of the Tropicana Las Vegas casino and hotel on the Strip. Presently handled by Penn Entertainment, Bally’s Corp will buy the property’s operational rights for $308 million. This deal was initially announced sometime in April 2021.
However, at present, the Nevada Gaming Control Board has collectively come to a decision and accorded their initial permission for the licensing, as a gesture of acceptance and agreement, with the validity of this acquisition deal.
This approval was made from the camp of the Nevada Gaming Control Board’s seniors, after plentiful discussions with the Bally’s Corp’s team, mostly about meeting set standards of maintaining high levels of operational value, as reported by the Las Vegas Review-Journal. On the deal’s completion, Bally Corp said that the company’s western flagship property would be the Tropicana, as part of their aggressive and focused plans.
This deal and understanding between Bally’s Corp and Tropicana come with a land lease agreement with Penn-affiliated Gaming and Leisure Properties, a real estate investment trust. For this, Bally’s would see themselves making a further payment of $10.5 million every year for the next 50 years.
For the next and final approval, the board members of the Nevada Gaming Control Board will submit their expert and closely calculated suggestions regarding all matters about the purchase to the Nevada Gaming Commission on September 22, according to gaming news today.
There is also a positive assumption and plan to square up all related issues and close the deal by the 25th or the 26th of September, 2022.