LAS VEGAS (KLAS)– Bally’s Corporation announced on Tuesday the completion of the acquisition of Tropicana Hotel and Casino which was previously announced in 2021.

Bally’s Corporation, Gaming & Leisure Properties, Inc (GLPI), and PENN Entertainment, Inc acquired Tropicana for a cash purchase price of $148 million.

On Tuesday, Tropicana posted on Twitter expressing its excitement about joining the Bally’s family saying “We can’t wait for all the exciting things to come!”

Bally’s will lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at an annual rent of $10.5 million.