Bally's Goes on Spending Spree, Buys Iconic Tropicana Casino and Gamesys

Rich Duprey, The Motley Fool

April 13, 2021 at 10:58 AM·2 min read

Bally's Goes on Spending Spree, Buys Iconic Tropicana Casino and Gamesys

Casino operator Bally's (NYSE: BALY) opened up its pocketbook today and announced it was going on a shopping spree, buying the iconic Tropicana Las Vegas casino and hotel from Gaming & Leisure Properties (NASDAQ: GLPI) for $308 million and separately combining with online gaming operator Gamesys in a $2.7 billion deal. With its purchase of the Tropicana, Bally's gets a preeminent spot on the Las Vegas Strip. Gaming & Leisure Properties, a real estate investment trust, acquired the iconic casino and hotel a year ago from Penn National Gaming in exchange for rent credits of $307.5 million at a time when the pandemic was ravaging the casino industry.

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