Bally's buying Tropicana hotel on Las Vegas Strip for $308M
The Tropicana Las Vegas Hotel and Casino is being sold
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Tropicana Las Vegas Hotel and Casino is being sold.
Bally’s Corp. announced Tuesday it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million.
The agreement for the nearly 1,500-room hotel, casino, theater and convention property also involves a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado, and Rock Island Illinois, casino properties, the company said.
“Landing a preeminent spot on the Las Vegas Strip is a key step for us,” George Papanier, Bally’s president and CEO said in a statement.
He noted Las Vegas draws more than 40 million tourists a year and said owning the Tropicana will boost Rhode Island-based Bally’s customer and player databases, unlock marketing opportunities and benefit Bally’s online and interactive business.
The transaction is expected to close early next year.
Bally’s owns and manages 12 casinos in eight states, and said it is set to own and manage 15 casinos in 11 states after several acquisitions are completed.
Bally’s is already licensed as a casino operator in Nevada, and purchased the MontBleu Resort near Lake Tahoe from Caesars Entertainment Inc. earlier this month.
The 22-story Tropicana opened in April 1957. It is on a 35-acre parcel at a Las Vegas Boulevard intersection named for it. It has been operated as a DoubleTree by Hilton.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.