Gaming and Leisure Properties completes sale of Tropicana Las Vegas

27 September 2022

(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.

Related Links
Penn Entertainment, Inc. Gaming Vendor Information
Bally's Ownership Details
Penn Entertainment Ownership Details
Penn Entertainment Software Details
Tropicana Las Vegas Details

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