Tropicana’s $308 Million Sale Latest in String of Vegas Resort Deals
Photo Credit: The Tropicana resort in Las Vegas is the latest Sin City property to trade hands during the pandemic. Flickr / Richard Martin
Skift Take
The Tropicana is no longer the shiniest resort on the Las Vegas Strip, but it gives Bally's Corp. a much-desired presence in the heart of Sin City.
Rhode Island-based Bally’s Corp. Tuesday agreed to purchase the Tropicana Las Vegas Hotel and Casino for $308 million.
While the overall Tropicana deal is valued at $308 million, Bally’s is only buying the operations of the 1,470-room resort. Current owner Gaming and Leisure Properties, Inc. will continue to own the land beneath the casino and lease it to Bally’s for $10.5 million annually. The deal is expected to close early next year.
"Landing a preeminent spot on the Las Vegas Strip is a key step for us,” Bally’s Corp. CEO George Papanier said in a statement.
Ben Jaffe, a Miami hotelier and partial owner of the Fontainebleau Miami Beach, bought the
