The gaming behemoth, Bally’s, has solidified its presence on the Las Vegas Strip! They’ve acquired the legendary Tropicana Hotel for a staggering $148 million, assuming control from Penn Entertainment and Gaming & Leisure Properties.
This agreement has been in motion since April 2021, navigating through regulatory approvals, including securing the green light from the Nevada Gaming Control Board.
Although Bally’s will possess the hotel and casino structure, the land itself will be leased from Gaming & Leisure Properties for a substantial $10.5 million annually over the next five decades.
Here’s where things get intriguing. A Bally’s establishment already exists in Vegas, a vestige of the company’s history as Bally Manufacturing. However, that property is presently under Caesars Entertainment’s ownership and is undergoing a transformation into Horseshoe Las Vegas.
Regarding the recently obtained Tropicana, Bally’s is remaining tight-lipped about their intentions. Will they retain the existing name or pursue a complete rebranding? What is known is their plan for a significant renovation, aspiring to transform it into their flagship property in the West and capitalize on the immense tourist influx on the Strip.
This expansive hotel, a lively escape located directly on the Las Vegas Strip, features almost 1,500 accommodations and a distinctly tropical atmosphere. Boasting an enormous gaming area and ample conference facilities suitable for gatherings of all sizes, it’s a frequent selection for both leisure and professional endeavors.
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