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With Daniel Lippman
SPACs STRIKE BACK: As financial regulators and lawmakers begin to take a closer look at the explosion of SPACs, or special purpose acquisition companies, the industry is banding together to form a trade group to serve as its voice in Washington. The
Bally s Corporation Completes Acquisition of Jumer s Casino & Hotel prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.
April 13, 2021
Rhode Island-based gaming company, Bally’s Corporation (BALY:NYSE) has announced it will acquire the Tropicana Las Vegas from Gaming and Leisure Properties Incorporated (GLPI) in a deal valued at around $308 million. The acquisition comes within a week of Bally’s closing on its $155 million purchase of MontBleu Resort Casino & Spa in Northern Nevada from Caesars Entertainment, Inc. (NASDAQ: CZR).
Under the terms of the deal, Bally’s will pay
$150 million for the Las Vegas Strip property’s non-land assets and
$10.5 million annually to lease the 35-acre parcel the 64-year-old casino sits on. The 50-year rental agreement is subject to increases. Additionally, Bally’s will enter into a sale-leaseback agreement with GLPI for its trio of Black Hawk, Colorado casino properties and Jumer’s Casino & Hotel in Rock Island, Illinois, which it is in the process of acquiring from Delaware North Companies Gaming & Entertainment, Inc.