Rhode Island-based on line casino and on-line playing operator Bally’s Corporation final week accomplished the beforehand introduced acquisition of Tropicana Evansville from Caesars Entertainment, Inc. to additional broaden its portfolio of properties throughout the US.
As a part of the not too long ago closed transaction, Bally’s additionally acquired the unencumbered rights to the on line casino’s sports activities betting and that iGaming skins to achieve better entry to Indiana’s fast-growing playing market.
Tropicana Evansville is the newest of a number of properties Bally’s has acquired from Caesars over the previous yr. Caesars has been offloading casinos in several states across the nation as a part of the necessities it has to fulfill in trade for regulatory approvals to finish its merger with Eldorado Resorts final summer season.
In earlier offers, Bally’s bought Eldorado Resort Casino in Shreveport, Louisiana, the Montbleu Resort, Casino and Spa in Lake Tahoe, Nevada, and Bally’s Atlantic City from its rival operator.
Tropicana Evansville spreads over 79,000 ft of enclosed house and contains a 45,000-square-foot on line casino, 4 eating retailers, a race and sportsbook. The advanced additionally consists of 11,000 sq. ft of conference house proper subsequent to the on line casino and the River Event Center positioned throughout the road with 10,000 sq. ft of conference house overlooking the Ohio River. Accommodations on the property embrace a 243-room resort tower and a 95-room boutique resort.
Another Major Accomplishment
Commenting on including the Evansville property to their portfolio, Bally’s President and CEO George Papanier mentioned that this newest acquisition marks one other main accomplishment in an already “truly remarkable year” for his firm.
The government went on that as they proceed to implement their development and diversification technique with precision they’re excited to have Tropicana Evansville into their household and are trying ahead to supply their land-based and digital gaming merchandise to Indiana prospects.
Under the phrases of the acquisition deal, Bally’s has paid $140 million for Tropicana’s on line casino operations. An affiliate of actual property funding belief Gaming & Leisure Properties, Inc. has acquired the actual property related to the on line casino for $340 million.
GLPI is now leasing the property to Bally’s for $28 million per yr. It also needs to be famous that GLPI has acquired the actual property related to Bally’s Dover Downs for the overall quantity of $144 million and is now leasing again these to Bally’s for 12 million per yr.
Both leases have an preliminary time period of 15 years with 4 five-year extension choices.
In separate information, Bally’s introduced final week that it has finalized the acquisition of sports activities betting platform and associated know-how supplier Bet.Works because it seems to turn into the “premier, full-service, vertically integrated sports betting and iGaming company in the US with physical casinos, online gambling solutions and a B2B2C business model united under a single, preeminent brand.”
Source: Bally’s Corporation Completes Acquisition Of Tropicana Evansville Casino, PR Newswire, June 4, 2021