Gaming and Leisure Properties completes sale of Tropicana Las Vegas

(PRESS RELEASE) -- Gaming and Leisure Properties, Inc., announced today the completion of the previously announced sale of GLPI’s non-land real estate assets and Penn Entertainment, Inc.'s outstanding equity interests in Tropicana Las Vegas Hotel and Casino, Inc. to Bally’s Corporation. GLPI will receive net proceeds of approximately $145 million in cash after fees and expenses.

Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and concurrent with the closing, entered into a 50-year ground lease with Bally's, subject to extension upon Bally’s achieving a capital investment threshold, for an initial annual rent of $10.5 million. The ground lease will be supported by a Bally’s corporate guarantee and cross-defaulted with the Bally’s Master Lease with GLPI.

The Tropicana Las Vegas Hotel and Casino is located in Las Vegas, Nevada on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200-seat performance theater and 100,000 square feet of convention and meeting space.

CBRE served as financial advisor to GLPI in the transaction.