![]() ![]() ![]() “Landing a preeminent spot on the Las Vegas Strip is a key step for us,” said George Papanier, president and chief executive officer of Bally’s. GLIP agreed to lease the property back to PNG for $337.5m in rent credits. GLPI was created in 2013 as a spin off from gaming operator Penn National Gaming, which sold the Tropicana Las Vegas property to GLPI in March 2020. In addition, the operator enter a sale-and-leaseback transaction to Bally’s properties in Black Hawk, Colorado and Rock Island, Illinois for $150m, payable by GLPI. It will then lease the underlying land of the Tropicana property for 50 years at an annual price of $10.5m. Land-based gaming operator Bally’s Corporation has announced its acquisition of the Tropicana Las Vegas casino from real estate investment trust Gaming and Leisure Properties Inc (GLPI), giving the operator its first Las Vegas Strip property.īally’s will pay $150m for the Tropicana’s non-land assets. ![]()
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