Bally’s makes a bet on the Tropicana Hotel & Casino in Las Vegas.
Ballys agreed to buy the operating business for the hotel and casino, while REIT Gaming & Leisure would retain ownership of the property and continue to collect rent, Bloomberg News reported.
Bally’s has been in an acquisition phase recently having recently closed a $ 2.7 billion deal to purchase online gaming company Gamesys Group Plc. However, this would be the Rhode Island-based gaming company’s first operation in Las Vegas. Chairman Soohyung Kim said the company will likely remodel the property, add slot machines and put up new signage.
“It’s hard to be a national player without a casino [in Las Vegas]”Said Kim.” It’s a proven way that companies like Caesars and MGM have proven. “
Kim is a founding partner of Standard General, a New York-based hedge fund that is Bally’s largest shareholder. With the most recent acquisitions, it will have properties in 11 states.
The casino and gaming industry is in a major phase of change. The Supreme Court lifted a federal ban on sports betting in 2018, prompting many gambling companies to quickly penetrate the market.
New York legalized sports betting and developers went to great lengths to convince lawmakers to allow a casino in Manhattan.
Earlier this year, Sands Corp. sold all three properties in Las Vegas for $ 6 billion as part of a pivot for the Asian market, although it is unclear what role the pandemic played in the decision to leave the market.
[Bloomberg News] – Dennis Lynch