Bally’s Acquires Tropicana in Landmark Las Vegas Strip Deal

The Las Vegas Strip welcomes a new proprietor for the Tropicana! Bally’s Corporation has at last finalized its $148 million acquisition of the renowned property. The deal, initially revealed in 2021, sees Bally’s securing the “operational assets” from Penn Entertainment and Gaming & Leisure Properties (GLPI).

The path to completion involved navigating various hurdles, including obtaining approval from Nevada gaming authorities. Under the agreement, Bally’s will lease the land beneath the hotel from GLPI for an annual sum of $10.5 million over the next five decades. This strategic move grants Bally’s a coveted spot on the famed Las Vegas Strip.

Curiously, a Bally’s hotel already exists in Vegas, a vestige of the company’s past life as Bally Manufacturing. That particular establishment is now under the ownership of Caesars Entertainment and is undergoing a transformation to become Horseshoe Las Vegas.

Regarding the Tropicana’s future, Bally’s remains tight-lipped on whether they will retain the name or embark on a rebranding effort. However, during the deal’s announcement last year, George Papanier, Bally’s president of retail, alluded to the possibility of “potential significant redevelopment” in the future.

He underscored the significance of the Strip’s 40 million yearly visitors, positioning the acquisition as a prime chance to broaden Bally’s clientele. The Tropicana, he stated, will serve as their “flagship property” in the western U.S., bolstering their current footprint in the area.

In the center of the action, where the Strip intersects with Tropicana Avenue, sits a sprawling 35-acre property. This resort offers a taste of the islands with more than 1,400 guest rooms, an expansive gaming area, and ample conference facilities suitable for nearly any large gathering.