This leaseback arrangement has been the norm in casino transactions over the last few years, though in most other cases, it is the property seller paying rent for the casino in order to continue operating it. With GLPI holding on to the land, Bally’s will enter into a 50-year lease for its new property, paying GLPI $10.5m per year. Penn National is the Trop’s current operator. Bally’s is also taking over Penn National’s remaining equity interest in the Tropicana. The transaction includes just the non-land real estate GLPI will keep the land on which the Tropicana is built.
(GLPI) has agreed to sell the Tropicana Las Vegas Hotel and Casino to Bally’s Corporation for $150m.
In a deal that the company’s chief executive describes as “complex,” Gaming and Leisure Properties, Inc.
