While Bally’s President George Papanier did not offer details, A’s owner John Fisher expressed hope that Bally’s casino-resort plans will become clearer soon.

The 33,000-seat ballpark is part of a partnership that was established in May 2023 between Bally’s, Gaming and Leisure Properties (land owner of the site), and the A’s. The ballpark will occupy nine of the 35 acres.

Meanwhile, Bally’s plans to build a casino-resort on 15 acres, with the remaining area allocated for infrastructure.

Bally’s released plans last October, following the implosion of the Tropicana. However, as the operator has been involved in several projects, it has not provided further details since.

Fisher hopes that the resort’s initial construction phase will align with the A’s stadium’s timeline,

“I think those conversations need to sort of happen with them. What they’ve shown us is exciting.”

MGM Resorts International CEO Bill Hornbuckle, whose properties will likely support much of the stadium’s parking, stressed that Bally’s still needs to “zero in on a real plan” and make it clearer what’s going to be built.

Does Bally’s Have The Financing For Las Vegas Casino?

While the A’s owner dismissed concerns regarding Bally’s plans, the project faces uncertainty, primarily due to financial worries.

As of April, it carried around $3.4 billion in debt while its market cap is around $500 million. The total debt-to-equity ratio has led to multiple downgrades to sub-investment-grade status.

Recently, Fitch Ratings downgraded Bally’s to a B- with a “Negative” outlook. Other similar downgrades include from Moody’s (B2) and S&P Global (B-).

The agencies cite reasons for the downgrade, including “high leverage” and “execution risks” associated with the Vegas property and Bally’s $1.7 billion Chicago project.

Bally’s still needs to raise $1.1 billion to fund the Tropicana site. Gaming & Leisure Properties has earmarked $175 million for demolition, of which about $125 million remains. Additionally, the Tropicana site landlord has committed $940 million to the construction of the Bally’s Chicago project.

Uncertainties surrounding other projects also contribute to analysts’ concerns. That includes Bally’s bid for a New York casino, which would cost billions and new debt covenants in Rhode Island.

Compounding concerns is the fact that Bally’s would be entering an already saturated Las Vegas market, which has over 150,000 existing hotel rooms.

According to the Las Vegas Convention and Visitors Authority, total visitors are down 6.5% year-to-date through May, compared to the same period in 2024. At the same time, occupancy is down 2.5%.

Additionally, gaming revenue remains flat, primarily due to the strong performance in January.

Given these challenges, questions remain whether Bally’s can realistically finance and build the Las Vegas property. Some analysts have called for the company to enter a joint venture or sell the property.

Chicago, New York Casino Plans Keeping Bally’s Busy

Despite the financial headwinds, Bally’s continues to pursue an aggressive multi-front expansion strategy.

The company’s flagship $1.7 billion Chicago project is under pressure to meet its September 2026 state-mandated opening. Recently, construction was shut down for nearly a month after the Chicago Sun-Times revealed that a waste-hauling subcontractor with reputed mob ties was working on the site.

Bally’s is also in the running for a coveted New York casino license. The company is one of eight candidates for three licenses. It recently cleared a major state hurdle in the licensing process, with applications due on June 27.

Bally’s will likely know by the end of the year whether it will receive one of the licenses. If it does, it will need to pay $500 million for the license, invest at least $500 million, and pay $115 million to the Trump Organization as part of the purchase agreement for the Ferry Point site in the Bronx.

The company has also made international headlines. In April, Bally’s agreed to pay $180 million for a 57% stake in Australia’s Star Entertainment Group.

However, not all of Bally’s ambitions have come to fruition. Bally’s has abandoned some regional projects in the past few years, including those in Richmond, Virginia, and State Park, Pennsylvania, due to local resistance and financial uncertainty.

The scale of Bally’s expansion plans has drawn sharp criticism. Industry analysts have labeled it overambitious and financially risky.

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Tropicana’s two 22-story towers were imploded to make way for the construction of a baseball ballpark and entertainment resort, part of a partnership that has been in place since May 2023 between Bally’s, Gaming and Leisure Properties and the MLB’s Oakland Athletics, who will be moving into the stadium.

Several figures connected to the Athletics and Bally’s were in attendance at the event, honouring Tropicana’s history and looking forward to its future. 

This included Bally’s Chairman Soo Kim, Athletics owner John Fisher, Tropicana General Manager Arik Knowles, Las Vegas Convention and Visitors Authority President Steve Hill and Clark County Commissioner Jim Gibson. 

“Bally’s is honoured to have been part of this historic moment, bidding farewell to the iconic Tropicana,” said Kim. 

“As we celebrate its legacy, we look ahead to building a world-class entertainment resort, the future home of the Athletics, and cementing Las Vegas as the ultimate sports and entertainment capital.”

Before the implosion, Fireworks by Grucci produced a fireworks display and a 555-drone show. Controlled Demolition Inc and GGG Demolition then conducted the implosion of the Tropicana, using 22,000 feet of detonating cord and more than 2,000 pounds of explosives strategically placed in over 1,300 cutpoints and boreholes.

Fisher added: “The demolition of the Tropicana represents an important milestone in the process of bringing A’s baseball to the world-renowned Las Vegas Strip and the community of Southern Nevada. 

“We hope that, in time, this site will become a place of unforgettable experiences for fans of the game. We extend our gratitude to Bally’s and GLPI for their partnership as we embark on this project together.”

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475.3

Evolution published strong figures for the final quarter of 2023, witnessing a 16.6 per cent increase YoY in operating revenues, coming in at €475.3m ((Q4 2022: €407.5m). 

However, despite the positive performance overall, only live casino operations saw improvements in comparison to the previous year as RNG revenue dropped by 3.7 per cent YoY to €69.8m (Q4 2022: €72.5m).

Despite RNG revenue falling, CEO Martin Carlesund noted that he is “happy” with the developments made and that the aim is for continued “step-by-step improvements” in the next year.

Evolution’s revenue from live casino rose by 21.1 per cent YoY to €405.6m (Q4 2022: €334.9m), 

EBITDA rose by 20.5 per cent to €337m (Q4 2022: €279.5m), corresponding to a margin of 70.9 per cent (Q4 2022: 68.6 per cent). Profit for the period amounted to €282.9m (Q4 2022: €223.5m), while earnings per share amounted to €1.32 (Q4 2022: €1.05).

For the full year, the supplier reported operating revenues of €1.8bn, up 23.5 per cent (2022: €1.5bn). EBITDA rose by 25.7 per cent to €1.3bn (2022: €1bn), corresponding to a margin of 70.5 per cent (2022: 69.2 per cent).

Profit came in at €1.1bn (2022: €843.4m), earnings per share amounted to €5.01 (2022: €3.95) and the board is proposing a dividend of €2.65 per share (2022: €2).

Carlesund added: “We want to do more – we want to create games that take entertainment to the next level. We want to invent, we want to develop, we want to break new boundaries. 2024-2025 we will do more for our product, more for our end users, than ever. 

“We are going to deliver more exciting games, we will explore new types of games that we do not have today and we will invest in unique games for specific markets. We will yet again increase the gap to the competition. I very much look forward to what I call “the Product Leap” years 2024-2025.”

9

Following a challenging period, Rank Group has revealed positive net gaming revenue for the six-month period ending on December 31, 2023. 

The firm’s NGR increased by nine per cent in total as it navigated UK challenges which hindered the growth of land-based operations across H2 2023. . 

Nonetheless, utilising operating efficiencies, Rank elevated operating profit by £2.7m to £21.7m in H1, with £17.5m being declared in the second half of the year. 

Countering soft trading for its UK venues, statutory operating profit stood at £16.2m, reversing losses of £103m posted in H1 2022/23.

The group underlined that it is prepared for something of a transitional period within the UK market, as regulatory changes loom on the horizon in what is expected to be a challenging time for many UK operators. 

John O’Reilly, Chief Executive of Rank Group, said: “After what has been a very challenging few years for Rank due to a wide range of external macro factors, we are starting to build revenues and, with our strong operational leverage, we are improving our profitability, with the group delivering revenue and operating profit growth across all businesses.

“We are well positioned to optimise the opportunities afforded by the UK Government’s planned land-based regulatory reforms which will hopefully be implemented through the passing of secondary legislation in the summer of 2024. These reforms cannot come soon enough in enabling us to modernise our proposition to better meet our customers’ expectations.”

1.5

Tropicana Las Vegas has announced that it is expecting to close its doors on April 2 ahead of the planned demolition of the resort.

According to Las Vegas Locally on X, team members of Tropicana Las Vegas were told by Vice President and General Manager Arik Knowles in a memo that Bally’s is moving forward with the next steps to replace the resort with a new $1.5bn venue for the MLB’s Oakland Athletics.

Knowles commented: “Our expected closing date is April 2, 2024. In the interim, we will begin to close out all hotel bookings and relocate all reservations booked for April and beyond.

“The company will then begin its preparations to demolish the Tropicana Las Vegas and finalise its master plan, after which approximately nine acres will be granted to the Athletics to develop their stadium.”

Expected to open in 2028, the 30,000-seat ballpark will feature a partially retractable roof and an outfield playing surface that opens to the corner of Tropicana and Las Vegas Boulevard for a view of the Strip.

The A’s will continue playing home games in Oakland until the end of the 2024 season when their lease at their current home, the Oakland Coliseum, expires. The team will then play at a temporary home between 2025 and 2027 before moving to their new stadium in Vegas in 2028.

3.4

GambleAware has published a new scoping study which has revealed that some members of the LGBTQ+ community may be at an increased risk of gambling harm.

The study – ‘LGBTQ+ People and Gambling Harms: A Scoping Review’ – was commissioned to build an understanding of the lived experience of gambling harm amongst the LGBTQ+ community in Great Britain.

Researchers from the University of Brighton completed the study by analysing articles published between 2000 and 2023 on gambling harms in the LGBTQ+ community and its impact on people’s mental health, finances, relationships and employment. 

Evidence on experiences of LGBTQ+ people accessing support services for gambling harms was also examined, as well as any barriers faced in doing so.

The study noted that “gay and bisexual men and young lesbian and bisexual women may be at increased risk and may experience greater harms associated with gambling”. 

In addition, gay and bisexual men could be 3.4 times more likely than heterosexual men to suffer from gambling harms, while gay/lesbian and bisexual women could be 2.5 times more likely than heterosexual women to experience gambling harms. 

The study also discovered that transgender and non-binary youth were also more likely to experience gambling harms, with transgender women showing the highest risk.

A summary of the study noted: “Whilst research in this area is limited, there is some evidence to suggest that fears around disclosure of sexuality or transgender status, and anticipated stigma, may be a risk factor for gambling harm, where gambling offered a form of escapism.”

1.3

The UK Gambling Commission has reported a year-over-year increase in online total gross gambling yield in the third quarter of 2023, driven by slots and real event betting.

Publishing its operator data for Q3, the UKGC declared £1.3bn in GGY, a four per cent increase YoY thanks to the aforementioned increase in slots and real event betting GGY, while GGY in nearly all other verticals decreased. Q3’s figure is also a slight increase on Q2’s GGY of £1.2bn.

The overall number of total bets and/or spins rose by nine per cent YoY to 24 billion, the highest such number for this segment in a single quarter since data collection began in March 2020.

The number of average monthly active accounts grew as well by two per cent in comparison to the previous year.

Online real event betting recorded a GGY of £468m, a five per cent increase YoY. However, the number of bets and active accounts fell by three per cent in comparison to the previous year, which the UKGC says was likely due to the FIFA World Cup taking place during Q3 2022.

For online slots, GGY increased by six per cent YoY to £618m, the highest recorded quarter since data collection began. The number of spins also rose by 11 per cent to a new high of nearly 22 billion, while the average monthly active accounts increased by eight per cent to four million per month.

Across the remaining products, other gaming including casino generated GGY of £148.5m, virtual betting GGY came in at £11.1m, esports betting GGY stood at £4.1m, poker produced £15.4m GGY and other GGY came in at £1.2m.

52,370

GamCare has announced that the National Gambling Helpline took more calls and online chats to provide gambling support in 2023 than any other previous year.

Following its uptick in usage, Samantha Turnton, Head of Remote Support Services at GamCare, has described the helpline as an “invaluable” step for those looking for gambling support.

The helpline received 52,370 calls and online chats during the year, a 24 per cent increase year-over-year, with August 2023 becoming the helpline’s busiest month on record. 

December 2023 saw a 39 per cent year-over-year uptick in comparison to the previous year, becoming the busiest Christmas period ever. There was an increase in calls from people concerned about someone else’s gambling during the holiday season, while others said they struggled to watch TV with their families due to the number of gambling advertisements.

In addition, on 117 calls and online chats to advisors, people stated that their gambling was related to financial pressures caused by the cost-of-living crisis.

Turnton commented: “We are used to seeing small increases in the volume of people contacting us each year. However, in 2023 there has been a landmark climb in people reaching out who want to start their recovery journey from gambling. 

“While it is concerning to see the rising numbers who need help, we are encouraged that advisors are reporting an increase in calls from people who reach out at an earlier stage. This is an invaluable step to prevent gambling harm from escalating further down the line, and we encourage anyone to get in touch if they feel ready to discuss their relationship with it, no matter what stage they are at. 

“We know how difficult it can be to open up about gambling for the first time and we’re here to listen. We want people to know we are here for you 24/7, we understand, and we can help.” 

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According to Las Vegas Locally on X, team members of Tropicana Las Vegas were told by Vice President and General Manager Arik Knowles in a memo that Bally’s is moving forward with the next steps to make the resort’s site the new home of the MLB’s Oakland Athletics.

Although describing the news as a “great opportunity”, Knowles recognised that there is also a “bittersweet feeling” as the resort closes to be demolished and redeveloped alongside the new baseball stadium.

Knowles commented: “Our expected closing date is April 2, 2024. In the interim, we will begin to close out all hotel bookings and relocate all reservations booked for April and beyond.

“The company will then begin its preparations to demolish the Tropicana Las Vegas and finalise its master plan, after which approximately nine acres will be granted to the Athletics to develop their stadium.”

Gaming and Leisure Properties Inc, Bally’s Corporation and Oakland A’s owner Athletics Holdings LLC entered into a binding letter of intent last May to develop a stadium as the new home of the A’s on the Tropicana site – which is owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC and leased to Bally’s.

On the 35-acre site, approximately nine acres will be occupied by the A’s for their stadium, with the casino resort development being built alongside it.

The stadium site will be transferred by Bally’s and GLPI after various conditions have been fulfilled, in exchange for the benefits that the build is expected to bring to the new integrated casino resort at the site, Las Vegas, and surrounding areas. 

All associated design, development, and construction of the stadium costs will be taken on by the A’s, while Bally’s will pay all expenses for the resort and hotel.

Knowles noted in the memo that Tropicana and Bally’s are working closely to assist team members throughout the transition period, including providing “employment opportunities across the company and severance packages to eligible employees”.

She added that the resort will also be working with “local agencies to assist with unemployment benefits and employment placement services, along with local unions who can assist with placement of their members”.

Expected to open in 2028, the $1.5bn 30,000-seat ballpark will feature a partially retractable roof and an outfield playing surface that opens to the corner of Tropicana and Las Vegas Boulevard for a view of the Strip.

The A’s will continue playing their home games in Oakland until the end of the 2024 season when their lease at their current home, the Oakland Coliseum, expires. The team will then play at a temporary home between 2025 and 2027 before moving to their new stadium in Vegas in 2028.

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Back in May, Gaming and Leisure Properties Inc, Bally’s Corporation and Oakland A’s owner Athletics Holdings LLC entered into a binding letter of intent to develop a Las Vegas stadium as a new home of the A’s on the site of the current Tropicana – which is owned indirectly by GLPI through its indirect subsidiary Tropicana Land LLC and leased to Bally’s.

The stadium will reportedly complement a casino resort development at the 35-acre property, with the A’s to be granted fee ownership of approximately nine acres of the site for construction of the stadium.

“Today’s approval from Major League Baseball represents an important milestone in the collective effort to bring the Athletics’ franchise to Las Vegas,” commented GLPI.

“We are excited about the opportunity to work with our partners to develop and construct an entertainment and casino resort integrated with the new A’s stadium on Gaming and Leisure Properties’ property to reinvent the site on the south end of the iconic Las Vegas Strip.

“The arrival of the A’s as well as the new stadium and adjacent entertainment and casino resort, both of which are expected to open in 2028, represents a transformational project for Las Vegas, baseball fans, the local community and local employment, which will build on the city’s reputation for delivering unrivalled world-class entertainment options.”

Bally’s and GLPI will transfer the stadium site after various conditions have been fulfilled, in exchange for the benefits that the build is expected to bring to a new integrated casino and entertainment resort that will be developed at the site, Las Vegas, and surrounding areas. 

The A’s will assume all associated design, development, and construction of the stadium costs, while Bally’s will pay all expenses for the entertainment and casino resort and hotel.

Expected to open in 2028, the $1.5bn 30,000-seat ballpark will feature a partially retractable roof and an outfield playing surface that opens to the corner of Tropicana and Las Vegas Boulevard for a view of the Strip.

John Fisher, Owner and Managing Partner of the Athletics, told MLB.com that the team plans to keep the A’s name following the move to Vegas, but he understands the disappointment for the team’s fans in Oakland.

“I understand the grief and anger and disappointment and sadness that our fans have. We’ve been in Oakland for a very long time, since 1968, and we have very passionate fans. This is a really difficult day for those fans. I think, as the Commissioner said, we felt we had no choice.

“We had to have a new home for the Coliseum, which is the fourth-oldest ballpark in baseball. For the last 20 years, it has shown its age. Up until a couple of years ago, we were focusing exclusively on Oakland to try and find a solution. We started looking at Las Vegas after having conversations with the Commissioner about the need to move the process along faster.

“I’m very excited about the opportunity in Vegas. The fans there are terrific, the success of the Raiders and the Golden Knights as well as our own Triple-A team, the Aviators, has shown just how successful professional sports can be in that market. We really look forward to opening day in 2028 and bringing some of the historical success of the A’s to Las Vegas.”

The A’s will continue playing their home games in Oakland until the end of the 2024 season when their lease at their current home, the Oakland Coliseum, expires. The team will then play at a temporary home between 2025 and 2027 before moving to their new stadium in Vegas in 2028.

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As first disclosed by The Nevada Independent, it is thought that arrangement will see the current venue demolished in order to make way for a $1.5bn stadium that will house approximately 30,000 fans at the southern end of the Strip.

The casino operator gained the building and operations of Tropicana from GLPI in a $148m transaction in September 2022, which saw the group enter into a 50-year ground lease with a potential 99-year extension contingent on “key investment milestones” being hit.

Bally’s noted that it will maintain operations “for the foreseeable future,” but added that an evaluation of “all available options for a broader redevelopment” adjacent to the new ballpark will commence.

This is rumoured to include the potential to construct a new casino hotel destination upon completion, which is said to be slated for 2027 – although this could be nudged back one year due to construction timelines.

In addition, the local publication also noted that The A’s were looking for $500m in public funding to aid construction, however, this has reportedly now been lowered to $395m.

George Papanier, Bally’s President, explained: “We are honoured to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas, and to be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip. 

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”

In addition to noting a “key hurdle” associated with The A’s Las Vegas move, Bally’s also elaborated on a “range of benefits” that will be felt as a result of this development.

These include the potential for future offerings with the site to be enhanced due to an expectation of welcoming 2.5 million visitors per year, with the “massive unlocked potential” of “one of the busiest intersections in the country” also touched upon.

Furthermore, the “significant flexibility for an array of strategic options,” including a phased approach and disciplined capital deployment, is also detailed.

GLPI has also agreed to fund up to $175m towards “certain shared improvements within the future development”, which has been agreed in exchange for “a commensurate rent increase”.

Peter Carlino, Chair and CEO of GLPI, commented “We have enjoyed getting to know the Oakland Athletics’ leadership through our dialogue over the past couple years. 

“We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. 

“The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres. 

“As the project moves forward, we also expect that GLPI will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk adjusted return on our shareholders’ capital.”

Bally’s noted that it will assign approximately nine acres of the 35-acre site to the Oakland Athletics or a related stadium authority, with groundbreaking subject to the passing of legislation for public financing and related agreements, and approval of relocation by MLB.

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This alliance, which concerns the Tropicana Las Vegas, will see both parties take a neutral approach to organising campaigns, which will enable each employee to make an informed decision regarding their union representation.

The IUOE is the tenth largest union in the American Federation of Labor and Congress of Industrial Organizations with approximately 400,000 active members in 123 local unions throughout the United States and Canada.

“Bally’s and IUOE are aligned in our efforts to advance employee representation locally and at the national level,” said Jose Soto, Organizing Director of IUOE Local 501. 

“As a result of the commitment and integrity demonstrated by Mr Kim and his team, we’ve developed a strong relationship with Bally’s that we are confident will benefit the company’s workforce for many years to come.”

This comes after the company entered into a multi-project labour agreement with the Chicago & Cook County Building & Construction Trades Council and the AFL-CIO Building and Construction Trades Department to facilitate the construction of its flagship Bally’s Chicago casino in October.

Soo Kim, Chair of the Board of Bally’s, explained: “Bally’s employees are our most valuable asset, and we have worked hard to ensure that they maintain an unimpeded right to select their representation. 

“We have an established track record of building positive relationships with organised labour and look forward to continuing to foster our relationship with IUOE.”

Towards the close of September, Bally’s finalised the long mooted acquisition of Tropicana Las Vegas from Gaming and Leisure Properties and PENN Entertainment for $308m.

The real estate investment trust offloaded non-land real estate assets as PENN unloaded outstanding equity interests, with GLPI to receive a cash payment of $148m for the purchase of the Tropicana property’s non-land assets.

Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and, concurrent with the closing, entered into a 50-year ground lease with Bally’s, subject to extension upon the group achieving a capital investment threshold, for an initial annual rent of $10.5m.

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The operator, which earlier today announced that it agreed on definitive terms to undertake a business combination with Gamesys Group, estimates that consolidated revenue and adjusted EBITDA for the three months to March 31, 2021, was greater than $185m (2020: $109.1m) and $50m (2020: 22.1m) respectively.

In a preliminary financial report, Bally’s put this down to an accelerated month-on-month performance in March as more COVID-19 restrictions were relaxed across the country.  

George Papanier, president and CEO of Bally’s Corporation, said: “We are extremely encouraged by our trends and March numbers. Increased demand assisted by a relaxation of COVID-19 restrictions contributed to outstanding performance toward the end of the quarter, which, based on early indications, has continued into April. 

“We believe this combination of factors will set us up for a strong 2021 as we continue to welcome more and more Bally’s customers back to our casinos, as well as enhance our igaming platform.”

Furthermore, Bally’s has also expanded its partnership with Gaming and Leisure Properties regarding a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado, and Rock Island, Illinois, casino properties for a cash purchase price of $150m. The lease will have initial annual fixed rent of $12m.

Bally’s also plans to acquire both GLPI’s non-land real estate assets and Penn National Gaming’s outstanding equity interests in Tropicana Las Vegas Hotel and Casino for an aggregate cash acquisition price of $150m. The REIT will retain ownership of the land and will concurrently enter into a 50-year ground lease with initial annual rent of $10.5m.

In addition, Bally’s has granted GLPI a right of first refusal to fund the real property acquisition or development project costs associated with any and all potential future transactions in Michigan, Maryland, New York and Virginia, through one or more sale-leaseback or similar transactions for a term of seven years.

Peter Carlino, chairman and CEO of GLPI, commented: “We are delighted to expand our relationship with Bally’s through a complex transaction that is a win-win for both companies. With strong rent coverage and an accretive cap rate, the transaction again expands and diversifies our master lease through the addition of Bally’s properties in Rock Island, IL and Black Hawk, CO.

“We are also excited to have secured rights of first refusal on potential future assets. Furthermore, our conversion of the Tropicana into an income producing ground lease solidifies the value creation that we hoped for in originally structuring the transaction with Penn National.”

The Tropicana Las Vegas Hotel and Casino is on a 35-acre parcel and includes 1,470 guest rooms, 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 transaction is expected to close in early 2022, subject to customary real estate and working capital adjustments, receipt of required regulatory approvals and other customary closing conditions.

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