PROVIDENCE, R.I., April 13, 2021 /PRNewswire/ — Bally’s Company (NYSE: BALY), a number one U.S. omnichannel supplier of land-based gaming and interactive leisure, right this moment introduced that it has agreed to buy the Tropicana Las Vegas, Nevada on line casino from Gaming and Leisure Properties, Inc. (“GLPI”), a publicly traded gaming centered actual property funding belief (“REIT”). Bally’s estimates the transaction to be valued at roughly $308 million.
The acquisition worth for the Tropicana property’s non-land belongings is $150 million. As well as, Bally’s has agreed to lease the land underlying the Tropicana property from GLPI for an preliminary time period of 50 years at annual lease of $10.5 million, topic to extend over time. Bally’s and GLPI may also will enter right into a sale-and-leaseback transaction referring to Bally’s Black Hawk, CO and Rock Island, IL on line casino properties for a money buy worth of $150 million payable by GLPI. The lease may have preliminary annual fastened lease of $12 million, topic to extend over time.
The transaction is predicted to be accretive to Bally’s shareholders long-term and would require no money outlay from Bally’s at closing. Bally’s and GLPI have agreed to make use of commercially affordable efforts to barter and enter into definitive paperwork with respect to those transactions as promptly as practicable with a purpose to absolutely mirror the contemplated phrases.
George Papanier, President and Chief Government Officer of Bally’s Company, mentioned, “Touchdown a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million gamers and friends per yr, which we imagine will considerably improve Bally’s buyer base and participant database, in addition to unlock advertising and marketing alternatives to leverage the enduring Bally’s model. This growth may also assist the expansion and improvement of our on-line and interactive enterprise. We sit up for exploring vital redevelopment of the property, which we imagine will improve its monetary profile.”
The Tropicana Las Vegas Resort and On line casino is situated in Las Vegas, Nevada on a 35-acre parcel on the nook of Tropicana Boulevard and Las Vegas Boulevard. It consists of 1,470 visitor rooms, 50,000 sq. toes of on line casino area with 1,000 gaming positions, a 1,200 seat efficiency theater and 100,000 sq. toes of conference and assembly area.
The transaction is predicted to shut in early 2022, topic to customary actual property and dealing capital changes, receipt of required regulatory approvals and different customary closing circumstances. Bally’s is already licensed in Nevada on account of the not too long ago closed acquisition of the MontBleu Resort On line casino & Spa.
Jones Day represented Bally’s on the transaction. GLPI was represented by Goodwin Proctor.
About Bally’s Company
Bally’s Company at present owns and manages 12 casinos throughout eight states, a horse racetrack and 13 licensed OTB licenses in Colorado. With greater than 6,000 staff, the Firm’s operations embrace 13,308 slot machines, 460 recreation tables and three,342 resort rooms. Following the completion of pending acquisitions, which embrace Tropicana Evansville (Evansville, IN) and Jumer’s On line casino & Resort (Rock Island, IL), in addition to the development of a land-based on line casino close to the Nittany Mall in State School, PA, Bally’s will personal and handle 15 casinos throughout 11 states. Bally’s additionally maintains a multi-year market entry partnership with Elite On line casino Resorts by way of which it should present cell sports activities betting in Iowa, in addition to a brief sports activities wagering allow to conduct on-line sports activities betting within the Commonwealth of Virginia. Its shares commerce on the New York Inventory Alternate underneath the ticker image “BALY.”