Bally's לרכוש את מלון טרופיקנה לאס וגאס וקזינו

PROVIDENCE, R.I., April 13, 2021 /PRNewswire/ — Bally’s Corporation (NYSE: באלי), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it has agreed to purchase the Tropicana Las Vegas, Nevada casino from Gaming and Leisure Properties, Inc. (“GLPI”), a publicly traded gaming focused real estate investment trust (“REIT”). Bally’s estimates the transaction to be valued at approximately $308 million.

The purchase price for the Tropicana property’s non-land assets is $150 million. In addition, Bally’s has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time. Bally’s and GLPI will also will enter into a sale-and-leaseback transaction relating to Bally’s Black Hawk, CO and Rock Island, IL casino properties for a cash purchase price of $150 million payable by GLPI. The lease will have initial annual fixed rent of $12 million, subject to increase over time.

The transaction is expected to be accretive to Bally’s shareholders long-term and will require no cash outlay from Bally’s at closing. Bally’s and GLPI have agreed to use commercially reasonable efforts to negotiate and enter into definitive documents with respect to these transactions as promptly as practicable in order to fully reflect the contemplated terms.

George Papanier, President and Chief Executive Officer of Bally’s Corporation, said, “Landing a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally’s brand. This expansion will also support the growth and development of our online and interactive business. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile.”

מלון וקזינו טרופיקנה לאס וגאס ממוקם בלאס וגאס, נבדה על חבילה של 35 דונם בפינת שדרות טרופיקנה ושדרות לאס וגאס. הוא כולל 1,470 חדרי אירוח, 50,000 רגל מרובע של שטח קזינו עם 1,000 עמדות משחק, תיאטרון מופעים של 1,200 מושבים ו-100,000 רגל מרובע של חלל כנסים ופגישות.

The transaction is expected to close in early 2022, subject to customary real estate and working capital adjustments, receipt of required regulatory approvals and other customary closing conditions. Bally’s is already licensed in Nevada as a result of the recently closed acquisition of the MontBleu Resort Casino & Spa.

יועצים

Jones Day represented Bally’s on the transaction. GLPI was represented by Goodwin Proctor.

About Bally’s Corporation

Bally’s Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, the Company’s operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer’s Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally’s will own and manage 15 casinos across 11 states. Bally’s also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa, as well as a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY.”

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