(PRESS RELEASE) -- Bally's Corporation said today that its previously announced acquisition of the Tropicana Las Vegas
with Gaming & Leisure Properties, Inc. and PENN Entertainment, Inc. is complete.
The three companies completed the transaction relating to the acquisition of the non-land assets of the Tropicana Las Vegas for a cash purchase price of $148 million, payable to Tropicana Las Vegas. Bally's will lease the land underlying the Tropicana property from Tropicana Las Vegas for an initial term of 50 years at annual rent of $10.5 million.
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.