Tropicana Evansville Sale Complete
(photo courtesy of Tropicana Evansville)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowBally’s Corp. (NYSE: BALY) has completed the acquisition of the Tropicana Evansville casino from Caesars Entertainment Inc. (Nasdaq: CZR). The $140 million sale also includes the rights to the Evansville operation’s sports betting.
Bally’s Corporation President and Chief Executive Officer George Papanier says the acquisition marks a major accomplishment.
“As we continue to implement our growth and diversification strategy with precision, we are excited to welcome the Tropicana Evansville into the Bally’s family and look forward to the opportunity to provide our first-in-class land-based and interactive entertainment offerings to the Indiana gaming market”, said Papanier.
Tropicana Evansville features 79,000 square feet of space, including 45,000 square feet of casino floor, four restaurants, a race and sportsbook, along with 11,000 square feet of convention space adjacent to the casino and a Riverfront Event Center across the street, along with a 243-room hotel tower and 95-room boutique hotel.
Bally’s says as part of the transaction, an affiliate of Gaming & Leisure Properties, acquired the real estate associated with the Tropicana Evansville for $340 million, which it is leasing to Bally’s for $28 million per year.