Bally’s Corporation is now expanding its business across the US. The acquisition of Tropicana Evansville was part of this scheme to operate more properties all over the country.
The acquisition process was completed by Bally’s last week. Bally’s has taken over several properties from Caesar’s Entertainment in recent times. The handovers have been beneficial to Caesar’s as well. However, they needed to let go of some of their establishments to gain all the necessary approvals from regulatory authorities to merge with Eldorado Resorts in 2020.
Along with Tropicana Evansville, Bally’s has also gained control over its sports betting and iGaming facilities. Bally hopes that their new acquisition will help them gain access to the casino market of Indiana.
Tropicana Evansville spreads across 79,000 sq feet. It includes a 45,000 sq ft casino, a race track, a sportsbook, a 243 room hotel, a 95 room boutique hotel, and four dining rooms. Bally developed the plan to acquire Tropicana Evansville to diversify its gambling portfolio, including physical locations and online gambling facilities.
Bally’s has paid $140 million to acquire Tropicana’s gambling operations. Gaming and Leisure Properties Inc has acquired the real estate of Tropicana at a value of $340 million. They will lease out the property to Bally’s for $28 million each year.
Gaming and Leisure Properties have worked with Bally’s on other properties as well. They acquired Bally’s Dover Downs property for $144 million. Bally’s now pays them $12 million each year to use the property. Both the lease agreements between Bally’s and Gaming and Leisure Properties are applicable for 15 years, with provisions to extend the lease by another five years.
Bally’s has also recently announced that they would acquire Bet. Works, an online sports betting provider, to bring sports wagers to a broader audience. With many new acquisitions and diversification plans in the pipeline, gambling industry experts are now looking at Bally’s a future leader in this industry.