Bally’s Closes Tropicana Evansville Acquisition
Rhode Island-based casino and online gambling operator Bally’s Corporation last week completed the previously announced acquisition of Tropicana Evansville from Caesars Entertainment, Inc. to further expand its portfolio of properties across the US.
As part of the recently closed transaction, Bally’s also acquired the unencumbered rights to the casino’s sports betting and iGaming skins to gain greater access to Indiana’s fast-growing gambling market.
Tropicana Evansville is the latest of several properties Bally’s has acquired from Caesars over the past year. Caesars has been offloading casinos in different states around the nation as part of the requirements it has to meet in exchange for regulatory approvals to complete its merger with Eldorado Resorts last summer.
In earlier deals, Bally’s purchased 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 feet of enclosed space and features a 45,000-square-foot casino, four dining outlets, a race and sportsbook. The complex also includes 11,000 square feet of convention space right next to the casino and the River Event Center located across the street with 10,000 square feet of convention space overlooking the Ohio River. Accommodations at the property include a 243-room hotel tower and a 95-room boutique hotel.
Another Major Accomplishment
Commenting on adding the Evansville property to their portfolio, Bally’s President and CEO George Papanier said that this latest acquisition marks another major accomplishment in an already “truly remarkable year” for his company.
The executive went on that as they continue to implement their growth and diversification strategy with precision they are excited to have Tropicana Evansville into their family and are looking forward to provide their land-based and digital gaming products to Indiana customers.
Under the terms of the acquisition deal, Bally’s has paid $140 million for Tropicana’s casino operations. An affiliate of real estate investment trust Gaming & Leisure Properties, Inc. has acquired the real estate associated with the casino for $340 million.
GLPI is now leasing the property to Bally’s for $28 million per year. It should also be noted that GLPI has acquired the real estate associated with Bally’s Dover Downs for the total amount of $144 million and is now leasing back these to Bally’s for 12 million per year.
Both leases have an initial term of 15 years with four five-year extension options.
In separate news, Bally’s announced last week that it has finalized the acquisition of sports betting platform and related technology provider Bet.Works as it looks to become 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