Bally’s said the Tropicana’s “non-land assets” were selling for $150 million and that it had agreed to lease the land underneath the hotel-casino from Gaming & Leisure Properties for an initial term of 50 years at $10.5 million in annual rent.
A year ago, Rhode Island-based Bally’s announced plans to buy the Tropicana from Penn National for $150 million.
Gaming & Leisure Properties owns the real estate under the Tropicana, which is operated by Penn National Gaming. and the A’s met recently in Las Vegas to discuss the possibility of redeveloping the property. Peter Carlino, chairman, president and CEO of Gaming & Leisure Properties Inc., a real estate investment trust affiliated with Tropicana operator Penn National Gaming, said his company and officials with Bally’s Corp. The Strip hotel-casino site is believed to be one of two properties under consideration for a Major League Baseball stadium for the A’s if the team determines it will relocate to Las Vegas. (Ellen Schmidt/Las Vegas Review-Journal) Oakland A’s have “a very, very strong interest” in the Tropicana as a possible stadium site should the team decide to move to Las Vegas, the top official with Gaming & Leisure Properties Inc.
