The Tropicana Las Vegas Hotel and Casino, which served as the location for scenes filmed for the Godfather Part II and a James Bond film, is being purchased by Bally’s Corporation. The sale is reportedly worth $308 million for current owner Gaming and Leisure Properties Inc.
The purchase is the latest in a series of moves by Bally’s to increase the visibility of their brand and online and interactive ventures. In 2019, Bally’s purchased the sports affiliate network from Sinclair Broadcast Group and rebranded them in March of 2021 as Bally’s Sports Network.
What The Purchase Means
The deal signifies Bally’s entrance onto the Strip in Las Vegas, the iconic stretch of real estate in one of America’s most popular leisure destinations. According to Bally’s, the Las Vegas Strip “is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database.”
Gamblers who enjoy live sports action have found even more reasons to visit Las Vegas in the last few years, since the city has attracted three major professional teams: the Vegas Golden Knights of the NHL in 2017, the Las Vegas Aces of the WNBA in 2018, and most recently the NFL’s Las Vegas Raiders in 2020.
The Tropicana hotel has 1,467 rooms, and the casino features a 50,000 square-foot gaming floor. The complex also has a convention and exhibit center with 72,000 square feet of floor space. It opened in 1957 and sits at the historic Tropicana/Las Vegas Boulevard intersection on the Las Vegas Strip.
In terms of the deal, GLPI will reportedly lease back the property for $10.5 million a year. Bally’s indicates that they will pursue redevelopment and expansions to the property in the future.
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