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The Nevada Gaming Commission signed off last week on Bally's Corporation (NYSE:BALY) taking control of operations at the historic Tropicana Las Vegas property. The Nevada Gaming Control Board had given Bally's the nod about two weeks prior.
Looking ahead, Bally's (BALY) is reported to be targeting a major overhaul of the property potentially in 2024. The casino property's history dates back to its original opening in 1957.
Bally's acquired Tropicana’s non-real estate assets from Penn National Gaming (PENN) last year in a transaction valued at $308M. As part of that deal, Bally's sold the property assets in Colorado and Illinois to the Gaming and Leisure Properties (GLPI) real estate investment trust and agreed to lease back those properties.
Bally's (BALY) has a 50-year lease for Tropicana starting at $10.5M annually and plans to make the property its western flagship operation.
Looking ahead, Bally's (BALY) is reported to be targeting a major overhaul of the property in 2024.
The Seeking Alpha Quant Rating on Bally's is flashing Buy.