Bally’s Corporation Plans To Acquire Tropicana Las Vegas Casino; Shares Tank 11%
Bally's Corporation has reached an agreement to purchase Tropicana
Las Vegas casino from Gaming and Leisure Properties (GLPI). The
omnichannel provider of land-based gaming and interactive
entertainment estimates the purchase price to be about $308
million. Bally’s shares fell by as much as 10.7% following the
announcement. Bally’s (BALY) plans to lease the land underlying the
casino for 50 years and pay $10.5 million as annual rent.