The gaming titan, Bally’s, has secured the legendary Tropicana Las Vegas in a transaction valued at $148 million. Although the agreement was reached in 2021, it required extensive documentation and approval from Nevada gaming regulators before Bally’s could place their branding on this historic Strip establishment.
This acquisition represents a calculated maneuver that firmly positions Bally’s on the coveted Las Vegas Strip, a prime location in the gambling realm. While they possess the keys to the structure, the land itself is owned by Gaming & Leisure Properties (GLPI), to whom Bally’s will remit an annual rent of $10.5 million for the next five decades.
It’s worth noting that a Bally’s Las Vegas already exists, a vestige of the company’s previous incarnation as Bally Manufacturing. However, Caesars Entertainment currently owns and is in the process of renovating and rebranding it as Horseshoe Las Vegas.
Regarding the Tropicana, Bally’s remains tight-lipped about potential name alterations or comprehensive renovations. Nevertheless, they undoubtedly recognize its financial potential. George Papanier, the company’s retail chief, alluded to a “substantial redevelopment” last year, acknowledging the lucrative opportunity presented by the 40 million tourists and gamblers who frequent the Strip annually.
The Tropicana is primed to become Bally’s flagship property in the West, a launchpad for even greater ventures in the global gambling capital.
This expansive Las Vegas destination, situated at the intersection of the Strip and Tropicana Avenue, covers a vast 35-acre expanse. It features close to 1500 accommodations, a seemingly endless casino, and sufficient conference facilities to accommodate a minor metropolis.
