Bally's Corporation (NYSE:BALY) agreed to acquire Tropicana Las Vegas Hotel and Casino, Inc. from Gaming and Leisure Properties, Inc. (NasdaqGS:GLPI) and Penn National Gaming, Inc. (NasdaqGS:PENN) for $150 million on April 13, 2021. In addition, Bally's has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time. In a related transaction, Bally's and GLPI will also enter into a sale- and- leaseback transaction relating to Bally's Black Hawk, CO and Rock Island, IL casino properties for a cash purchase price of $150 million payable by GLPI. Bally's Corporation expect to finance the transaction through sale-leaseback transactions with GLPI. The deal is subject to customary real estate and working capital adjustments, receipt of required regulatory approvals and other customary closing conditions. The recommendation will be considered for final approval by the Nevada Gaming Commission on September 22, 2022. The transaction is expected to close in the second half of 2022. The hotel generated rental income of approximately $2.8 million for the period ended December 31, 2022. As on September 7, 2022, the transaction is expected to close on September 25, 2022 or September 26, 2022. The transaction is expected to be accretive to Bally's shareholders long- term and will require no cash outlay from Bally's at closing. Bob Profusek of Jones Day represented Bally's on the transaction. GLPI was represented by Goodwin Proctor.

Bally's Corporation (NYSE:BALY) completed the acquisition of Tropicana Las Vegas Hotel and Casino, Inc. from Gaming and Leisure Properties, Inc. (NasdaqGS:GLPI) and Penn National Gaming, Inc. (NasdaqGS:PENN) for approximately $150 million on September 26, 2022. GLPI shall receive net proceeds of approximately $145 million in cash after fees and expenses. CBRE served as financial advisor to GLPI in the transaction.