The Tropicana casino and hotel has recently changed ownership, now being under the management of Bally’s Corporation
The entertainment and hospitality company Bally’s has recently completed its long awaited purchase of Las Vegas’s Tropicana hotel and casino. The establishment cost the firm nearly 150 million dollars.
The acquisition was confirmed back in the month of April last year. It took a long time to get finalized, as the parties of the deal were waiting for the green light from Nevada’s gambling regulator.
The deal does have some quirks, however, as it did not include the land the building is sitting on. This “non-land only” nature of the contract means that the business will be leasing the plot from its previous owners for a bit over 10 million dollars per year. Furthermore, the term of the lease agreement is half a century.
Bally’s has not yet disclosed whether the casino will go through much redevelopment or not, although the company did mention the possibility of exploring such options last year. Additionally, they also have not yet announced if they will be keeping the Tropicana name and brand or changing it.