Another big real estate deal changes the landscape of the Las Vegas Strip. This time, Rhode Island-based Bally’s Corp. agreed to purchase the Tropicana in a deal valued at $308 million from landlord Gaming & Leisure Properties Inc., according to the Las Vegas Review-Journal.
Gaming & Leisure Properties Inc. plans to keep the land and lease it to Bally’s for 50 years at $10.5 million in annual rent, while Bally’s agreed to spend $150 million to operate the Tropicana.
Bally’s Corp., which is not associated with the resort on the Strip, plans to redevelop the resort that sits on 35 acres at the corner of Tropicana Avenue and Las Vegas Boulevard that originally opened in 1957. The resort reopened last September with limited dining options during the pandemic.
Penn National Gaming operates the Tropicana and sold the property to Gaming & Leisure Properties Inc., a real estate investment trust that focuses on gaming, last March in exchange for rent credits for $307.5 million in April 2020.
The transaction should close early next year.