![]() ![]() Bally's and GLPI will also will enter into a sale-and-leaseback transaction relating to Bally's Black Hawk, Colo., and Rock Island, Ill., casino properties for a cash purchase price of $150 million payable by GLPI. In addition, Bally's has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time. The purchase price for the Tropicana property's non-land assets is $150 million. It includes 1,470 guestrooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200 seat performance theater and 100,000 square feet of convention and meeting space. The Tropicana Las Vegas, a DoubleTree by Hilton hotel and casino is located on a 35-acre parcel on the corner of Tropicana and Las Vegas boulevards. Bally's estimates the transaction to be valued at approximately $308 million. has agreed to purchase the Tropicana Las Vegas hotel and casino from Gaming and Leisure Properties, a publicly traded gaming-focused real estate investment trust.
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