Bally’s buys Las Vegas’ Tropicana casino for $150M

Rhode Island-based company is making a big acquisition push

National Weekend Edition /
Apr.April 17, 2021 02:00 PM
(Tropicana Las Vegas via Facebook, Bally's Corp)

(Tropicana Las Vegas via Facebook, Bally’s Corp)

Bally’s is making a bet on the Tropicana Hotel & Casino in Las Vegas.

Bally’s agreed to buy the operations business for the hotel and casino, while the REIT Gaming & Leisure would retain its ownership of the property itself and continue to collect rent, Bloomberg News reported.

Bally’s has been on an acquisition streak lately, having recently struck a $2.7 billion deal to buy online gaming company Gamesys Group Plc. But this would be the Rhode Island-based gaming company’s first operation in Las Vegas. Chairman Soohyung Kim said the firm would likely remodel the property, adding slot machines and putting up new signage.

“It’s hard to be a national player in gaming without a casino [in Las Vegas],” Kim said. “It’s a tried and true pathway that companies like Caesars and MGM have proven.”

Kim is the founding partner at Standard General, a New York-based hedge fund that is Bally’s largest shareholder. With its latest acquisitions, it will have properties in 11 states.

The casino and gambling industry is going through a major period of change. The Supreme Court struck down a federal ban on sports betting in 2018, leading many gambling companies to rush to break into the market.

New York legalized sports betting and developers have lobbied hard to convince state legislators to allow a casino in Manhattan.

Earlier this year, Sands Corp. sold all three of its Las Vegas properties for $6 billion as part of a pivot to its Asian market, although it’s unclear what role if any the pandemic had on the decision to exit the market.

[Bloomberg News] — Dennis Lynch


Related Articles

arrow_forward_ios
National chains and mom-and-pop stores are seeing increasing sales per square foot and shrinking occupancy costs (Getty)
National chains paid 93% of rent in April
National chains paid 93% of rent in April
(RIPCO, iStock)
Target, Five Below, Smashburger open in new Brooklyn shopping center
Target, Five Below, Smashburger open in new Brooklyn shopping center
Close to 80 hotels with more than 13,000 rooms plan to open in 2021. (iStock)
Big year seen for hotel openings, despite few visitors
Big year seen for hotel openings, despite few visitors
Savanna’s Christopher Schlank and Nicholas Bienstock with a rendering of 141 Willoughby Street (Savanna; SLCE Architects; Fogarty Finger Architects)
Savanna nabs $264M loan for Downtown Brooklyn office project
Savanna nabs $264M loan for Downtown Brooklyn office project
Blackstone president Jon Gray and the Blackstone headquarters at 345 Park Avenue in NYC (Getty, Google Maps)
Blackstone sets office return for some vaccinated staffers
Blackstone sets office return for some vaccinated staffers
Slate Property Group's Martin Nussbaum and a rendering of the project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Hakimian, Certes land $59M loan for East Harlem multifamily project
Watch TRD Brand Studio’s first-ever webinar on the new office normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
Optimizing the office: TRD Brand Studio webinar on the new workplace normal
The reopening of NYC has created a surge of demand for apartments. (Getty)
Reopening sparks signs of a real estate rush
Reopening sparks signs of a real estate rush
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...