Bally’s Corp. has been cleared to close on its acquisition of the operations of the Tropicana resort on the Strip by the Nevada Gaming Commission.
Following an hour-long hearing, commissioners on Thursday unanimously approved the Providence, Rhode Island, company’s acquisition from Penn Entertainment Inc. for $308 million, first announced in April 2021.
Bally’s is not affiliated with the Bally’s resort about a mile south of the Tropicana on Las Vegas Boulevard. That property, owned by Caesars Entertainment Inc., is expected to be rebranded with the Horseshoe name.
The land on which the resort sits will continue to be owned by real estate investment trust Gaming and Leisure Properties Inc., which is affiliated with Penn Entertainment. Bally’s will pay GLPI $10.5 million a year in a 50-year lease agreement.
The deal is expected to formally close Sunday or Monday.
Tropicana customers can expect to see some immediate changes as the casino transitions from Penn Entertainment’s mychoice loyalty program to the Bally’s Rewards program. Within two days, signs are expected to be posted in the casino alerting players to the change. Points won’t be transferred and mychoice rewards will be allowed to be used at the M Resort, which is operated by Penn.
Most other aspects of the transaction will be unchanged for some time.
Executives said all workers at the Tropicana will continue to have jobs with the same pay and benefit levels as they had under Penn.
This is a developing story. Check back for updates.
Contact Richard N. Velotta at rvelotta@reviewjournal.com or 702-477-3893. Follow @RickVelotta on Twitter.