Ballys Takes the Reins at Tropicana Las Vegas in Strategic Strip Acquisition

Ballys Incorporated has formally incorporated a top-tier Strip establishment into its holdings, acquiring the management of the Tropicana Las Vegas from Gaming and Leisure Properties (GLPI) for $148 million. The transaction, initially disclosed in April 2021, grants Bally’s authority over the renowned casino and resort, excluding the physical land. Bally’s will rent the property from GLPI for an initial period of 50 years, with yearly payments of $10.5 million.

This procurement is noteworthy because it provides Bally’s with a prominent position on the Las Vegas Strip, an objective the company has pursued since its rebranding. Notably, there was a period when a Bally’s hotel already existed on the Strip, a remnant of the company’s prior existence as Bally Manufacturing. However, that property is now under the ownership of Caesars Entertainment and is presently undergoing a conversion into the Horseshoe Las Vegas.

Although Bally’s has not disclosed its intentions for the Tropicana name, George Papanier, the company’s head of retail, suggested a “substantial renovation” the previous year when the agreement was first made public. He stressed the strategic significance of the purchase, noting that the Strip’s 40 million yearly tourists would considerably broaden Bally’s clientele. Papanier envisions the Tropicana evolving into Bally’s western flagship, expanding upon the company’s current investments in the area.

This expansive hotel, situated directly on the vibrant Las Vegas Strip, features almost fifteen hundred guest accommodations, an extensive gaming area, and ample conference facilities suitable for any conceivable gathering. Additionally, the resort evokes a distinct tropical ambiance.