{"id":34142,"date":"2022-09-29T15:01:28","date_gmt":"2022-09-29T22:01:28","guid":{"rendered":"https:\/\/www.casino.org\/vitalvegas\/?p=34142"},"modified":"2024-10-25T08:27:58","modified_gmt":"2024-10-25T15:27:58","slug":"ballys-corp-officially-owns-tropicana","status":"publish","type":"post","link":"https:\/\/www.casino.org\/vitalvegas\/ballys-corp-officially-owns-tropicana\/","title":{"rendered":"Bally’s Corp. Officially Owns Tropicana"},"content":{"rendered":"\n

Bally’s Corporation has completed its acquisition of Tropicana resort on the Las Vegas Strip.<\/p>\n

Congratulations?<\/p>\n

Oh, yeah, two sentences in and we already made it awkward!<\/p>\n

\"Tropicana\"
The Trop thickens.<\/figcaption><\/figure>\n

First, the deal deets, as the kids say.<\/p>\n

The deal for the purchase of Tropicana was announced in April 2021<\/a>, but was only recently consummated.<\/p>\n

Bally’s Corporation bought the “non-land assets” of the Tropicana Las Vegas from Penn National Gaming for $148 million in cash.<\/p>\n

The land upon which Trop sits is owned by Gaming & Leisure Properties, Inc. (Penn’s REIT, or “real estate investment trust”). Bally’s will lease the land from Gaming & Leisure Properties, Inc. for an initial term of 50 years at an annual rent of $10.5 million.<\/p>\n

The Trop reportedly generates double that, around $20 million in EBIDTA (earnings before interest, depreciation taxes and amortization).<\/p>\n

Before we go any further, we should mention the fact Bally’s Corp. has nothing to do with Bally’s resort. Bally’s, the casino, is owned by Caesars Entertainment.<\/p>\n

The Bally’s name derives from a variety of deals through the years, involving Bally’s Entertainment and Park Place Entertainment and Harrah’s Entertainment and Caesars Entertainment. Caesars Entertainment sold the Bally’s brand to Bally’s Corp. (then Twin River Holdings) in 2020.<\/p>\n

The sale of Trop to Bally’s Corp. is one of the reasons Bally’s is rebranding to Horseshoe Las Vegas. If Tropicana continues to exist as a casino resort, it will be renamed Bally’s at some point.<\/p>\n

\n

Bally’s rebrand update. pic.twitter.com\/l4O7AzZyRS<\/a><\/p>\n

— Vital Vegas (@VitalVegas) September 22, 2022<\/a><\/p><\/blockquote>\n