Bally’s to pay $308M for Tropicana hotel on Las Vegas Strip | Organization

LAS VEGAS (AP) — The Tropicana Las Vegas Hotel and On line casino, a Sin Metropolis namesake, is staying bought to a new entrant amid Las Vegas Boulevard resort owners.

Rhode Island-dependent Bally’s Corp. introduced Tuesday it will acquire the legendary Strip assets from Gaming and Leisure Attributes Inc. for about $308 million.

The arrangement for the nearly 1,500-home resort, on line casino, theater and conference residence also will involve a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado and Rock Island, Illinois, casino attributes, the firm explained.

“Landing a preeminent place on the Las Vegas Strip is a key step for us,” George Papanier, Bally’s president and CEO, mentioned in a assertion.

Bally’s Corp. does not personal Bally’s Las Vegas on the Strip. That 2,800-home house at Flamingo Road is owned and operated by Caesars Amusement Inc.

Papanier pointed out that Las Vegas attracts additional than 40 million vacationers a yr and reported possessing the Tropicana will enhance Bally’s consumer and player databases, unlock advertising and marketing opportunities and gain Bally’s on line and interactive enterprise.

Bally’s also introduced a deal to blend with London-dependent on-line gaming operator Gamesys Team plc.