Bally buys the Tropicana Hotel on the Las Vegas Strip for $ 308 million

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The Tropicana Las Vegas Hotel and Casino is for sale.

Bally’s Corp. announced Tuesday that it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for approximately $ 308 million.

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The agreement for the nearly 1,500 room hotel, casino, theater, and convention property also includes a sale-and-leaseback transaction for Bally’s Black Hawk, Colorado, and Rock Island, Illinois casino properties.

“Landing a prominent spot on the Las Vegas Strip is an important step for us,” said George Papanier, President and CEO of Bally, in a statement.

He noted that Las Vegas attracts more than 40 million tourists annually and that owning the Tropicana will improve Bally’s Rhode Island customer and player databases, open up marketing opportunities, and promote Bally’s online and interactive business.

FILE – In this file photo dated Aug. 4, 2015, sunlight illuminates a sign at the Tropicana Hotel and Casino in Las Vegas. (AP)

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The transaction is expected to close early next year.

Bally’s owns and operates 12 casinos in eight states and, upon completion of several acquisitions, is expected to own and manage 15 casinos in 11 states.

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Already licensed as a casino operator in Nevada, Bally’s purchased the MontBleu Resort near Lake Tahoe from Caesars Entertainment Inc. earlier this month.

The 22-story Tropicana opened in April 1957. It sits on 35 acres at an intersection named after him on Las Vegas Boulevard. It was operated by Hilton as a DoubleTree.

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