The Nevada Gaming Control Board unanimously approved the sale of Tropicana Las Vegas to Bally’s for US$308m, but no major improvements or changes involving the property are expected in the next 12 to 24 months. However, operations of the casino would transition from Penn to Bally’s over the next six months.
The Rhode Island-based gambling company first announced the US$308 million deal in April 2021.
Bally’s President of Retail George Papanier said Tropicana would become Bally’s western flagship casino. “Over the last several years, we’ve been very busy growing Bally’s footprint. We view Tropicana Las Vegas as an opportunity for a flagship property for our western region,” he said.
Papanier explained that for the foreseeable, the casino will keep its Tropicana name, but later it will use Bally’s Las Vegas branding.
The deal, which was first announced in April 2021, will maintain the existing land lease agreement with Penn-affiliated Gaming and Leisure Properties, which will see Bally’s to pay US$ $10.5 million a year for 50 years.
Bally’s now has 14 regional casinos in the United States.
Source: GMB
