On September 22, the Nevada Gaming Commission (NGC) gave final approval to Bally’s Corp. with respect to its acquisition of Tropicana Las Vegas—now, the company is looking to potentially overhaul the property as early as 2024.
Bally’s first announced it was acquiring the operations of the Tropicana from Gaming and Leisure Properties (GLPI) back in April, for a total of $308 million. The two sides then agreed to a 50-year lease, starting at $10.5 million per year and increasing periodically.
The deal also involved Bally’s selling the property rights of two other venues in Illinois and Colorado to GLPI and then leasing them back as well.
During regulatory proceedings, George Papanier, president of Bally’s, told state officials that the company will view the Strip property as its West Coast “flagship” location moving forward, over its existing Bally’s Lake Tahoe casino.
According to Papanier, the company will continue to operate the Tropicana as is for at least a year before announcing an official redevelopment plan. That plan could involve outside partners, which is a possibility the operator is currently exploring.
Bally’s Chairman Soo Kim, on the other hand, previously told reporters that the company may even explore options related to full or partial demolition and reconstruction. He was adamant, however, that the property will be rebranded at some point with the Bally’s name at the very least.
NGC members were also particularly curious about the operator’s finances moving forward, given the fact that the company recently won approval to build a massive $1.7 billion resort in Chicago, the city’s first and only casino.
Papanier was quick to downplay such concerns, telling commissioners that “we certainly have the bandwidth in our company to do that.”
