{"id":2668,"date":"2022-09-09T14:48:44","date_gmt":"2022-09-09T14:48:44","guid":{"rendered":"https:\/\/www.casinousa.com\/news\/?p=2668"},"modified":"2022-09-09T14:48:44","modified_gmt":"2022-09-09T14:48:44","slug":"ballys-acquisition-of-tropicana-las-vegas-for-308-million-gets-approved","status":"publish","type":"post","link":"https:\/\/www.casinousa.com\/news\/ballys-acquisition-of-tropicana-las-vegas-for-308-million-gets-approved","title":{"rendered":"Bally\u2019s Acquisition of Tropicana for $308m Gets Approved"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.casinousa.com\/news\/wp-content\/uploads\/sites\/2\/2022\/09\/tropicana-las-vegas.jpg\" alt=\"Tropicana Las Vegas\" class=\"alignright size-full wp-image-2669\" width=\"300\" title=\"Bally\u2019s Acquisition of Tropicana Las Vegas for $308 million Gets Approved\" \/><strong>Summary<\/strong><\/p>\n<ul>\n<li>NGCB gives approval for Bally\u2019s to acquire Tropicana Las Vegas<\/li>\n<li>Bally\u2019s plans to redevelop the casino after a couple of years<\/li>\n<li>Bally\u2019s keen on making a big splash in the Nevada gaming market<\/li>\n<\/ul>\n<p>The <strong>Nevada Gaming Control Board<\/strong> (NGCB) approved Bally\u2019s Corp.\u2019s $308 million acquisition of the <a href=\"https:\/\/www.troplv.com\">Tropicana Las Vegas<\/a> this week. Bally\u2019s bought the property from Gaming and Leisure Properties and will now redevelop and rebrand the resort with its name.<\/p>\n<h2 id=\"ballys-to-lease-tropicana-land-for-50-years\">Bally\u2019s to Lease Tropicana Land for 50 Years<\/h2>\n<p>The acquisition still needs to clear one final hurdle as the NGCB\u2019s recommendation needs to be approved by the state\u2019s Gaming Commission on September 22. The proposed acquisition deal was first announced in April 2021. Besides purchasing Tropicana\u2019s non-land assets for $150 million, Bally\u2019s will also <strong>lease the land under the hotel for 50 years at a rent of $10.5 million per year<\/strong>. Currently, the 35-acre property is operated by Penn Entertainment.<\/p>\n<div style=\"position:relative;height:0;padding-bottom:56.25%\">\n<iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/kM2XbFqw6Ro?rel=0&amp;showinfo=0?ecver=2\" width=\"640\" height=\"360\" frameborder=\"0\" style=\"position:absolute;width:100%;height:100%;left:0\" allowfullscreen><\/iframe>\n<\/div>\n<p>&nbsp;<\/p>\n<p>The Tropicana Las Vegas resort boasts 1,470 guest rooms, a colossal 100,000 square feet of convention space, and 50,000 square feet of casino space. Bally\u2019s President <strong>George Papanier<\/strong> said it will continue integrating more properties to grow its footprint. The company is also <a href=\"https:\/\/www.casinousa.com\/news\/ballys-files-application-for-chicago-casino-with-illinois-gaming-board\">enter Chicago with a $1.7 billion casino<\/a> by 2026.<\/p>\n<p>Bally\u2019s will take up to 6 months to examine operations and improve the resort\u2019s market performance. Papanier did point out that the plans to redevelop the Tropicana might not begin for at least a year or two. The property will continue to operate under the Tropicana brand. <\/p>\n<p>One of the questions raised during the acquisition process was by Board member <strong>Phil Katsaros<\/strong> who wanted to clarify Bally\u2019s stance on the iGaming market and its opinion on grey markets. Bally\u2019s said that it was okay operating in non-regulated and great markets but was okay to change its stance if turned out to be a cause for concern.<\/p>\n<h2 id=\"ballys-eager-to-advance-in-nevada\">Bally\u2019s Eager to Advance in Nevada<\/h2>\n<p>Papanier said Bally\u2019s was eager to leverage its North America interactive segment in Nevada after regulatory approvals. Currently, Bally&#8217;s is the third largest casino operator in the U.S. and has 17 casinos statewide, an online casino in <a href=\"https:\/\/www.casinousa.com\/states\/new-jersey\">New Jersey<\/a>, and <a href=\"https:\/\/www.casinousa.com\/games\/sports-betting\">sports betting access in 19 states<\/a>. It entered <a href=\"https:\/\/www.casinousa.com\/states\/nevada\">Nevada<\/a> when it bought the <strong>MontBleu<\/strong> from Caesars Entertainment for $15 million, rebranding it as &#8220;<strong><em>Bally\u2019s Lake Tahoe<\/em><\/strong>&#8221; in 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"Summary NGCB gives approval for Bally\u2019s to acquire Tropicana Las Vegas Bally\u2019s plans to redevelop the casino after a couple of years Bally\u2019s keen on making a big splash in the Nevada gaming market The Nevada Gaming Control Board (NGCB) approved Bally\u2019s Corp.\u2019s $308 million acquisition of the Tropicana Las Vegas this week. Bally\u2019s bought [&hellip;]","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,5,4],"tags":[],"class_list":["post-2668","post","type-post","status-publish","format-standard","hentry","category-news","category-industry","category-legal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bally\u2019s Acquisition of Tropicana for $308m Gets Approved<\/title>\n<meta name=\"description\" content=\"The Nevada Gaming Control Board approved Bally\u2019s Corp.\u2019s $308 million acquisition of the Tropicana Las Vegas this week.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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