Rhode Island-based casino and online gambling operator Bally's Corporation recently completed the previously announced acquisition of Tropicana Evansville from Caesars Entertainment, Inc. to further expand its portfolio of properties across the US.
As part of the recently closed transaction, Bally's also acquired unencumbered rights to the casino's sports betting and iGaming appearances to gain greater access to Indiana's rapidly growing gambling market.
Tropicana Evansville is the last of several properties Bally's has purchased from Caesars in the past year. Caesars is vaping casinos in different states of the country as part of the requirements it must meet in exchange for regulatory approvals to complete its merger with Eldorado Resorts last summer.
In previous deals, Bally's was based in Shreveport, Louisiana. Eldorado Resort Casino he bought
Tropicana Evansville has a sprawling 79, feet of indoor space and 45-square-metre casino, four dining venues, a racing and sportsbook. The complex is also right next to the casino and the River Event Center across the street from the 11,000 convention space overlooking the Ohio River. Accommodations at the resort include a hotel tower with 243 rooms and 2000. -room boutique hotel.
Another Big Success
Commenting on adding the Evansville property to their portfolio, Bally's President and CEO, George Papanier, said that this latest acquisition has already
He said it marked another important achievement. “a truly remarkable year” for the company.
The manager stated that they are excited to add Tropicana Evansville to their family and look forward to providing their land-based facility as they continue to implement their growth and diversification strategies with precision. and digital game products to Indiana customers.
Under the terms of the purchase agreement, Bally's paid $ ) million for Tropicana's casino operations. Gaming & Leisure Properties, Inc., a subsidiary of the real estate investment trust. casino-related real estate Bought for $20300. million.
GLPI now owns property to Bally's $2021 leases. million per year. Also, GLPI has purchased Bally's Dover Downs-related real estate for a total of $ of 95 million and now leases them back to Bally's for $06 million per year.
The initial duration of both leases is 15 years with the option of four to five year extensions.
Separately, Bally's announced last week its sports betting platform and related technology provider. Bet.Works
Source: Bally's Corporation Completes Acquisition of Tropicana Evansville Casino, PR Newswire, June 4, 2000