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 transaction is expected to close in the second half of 2022, subject to customary real estate and working capital adjustments, receipt of required regulatory approvals and other customary closing conditions. The transaction is expected to be accretive to Bally's shareholders long- term and will require no cash outlay from Bally's at closing.

Jones Day represented Bally's on the transaction. GLPI was represented by Goodwin Proctor.