LAS VEGAS (KLAS) — The Bally’s Corporation has announced it’s buying the the Tropicana Las Vegas in a deal worth $308 million.

The price includes $150 million for the property’s non-land assets and an agreement to lease the land under the Tropicana for 50 years at an annual rent of $10.5 million which is subject to increase over time. The Tropicana is owned Gaming and Leisure Properties and operated by Penn National Gaming.

The Tropicana is one of the Las Vegas Strip’s oldest resorts, opening in 1957. The deal is expected to close in early 2022.

George Papanier, President and Chief Executive Officer of Bally’s Corporation, said, “Landing a preeminent spot on the Las Vegas Strip is a key step for us. The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally’s customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally’s brand. This expansion will also support the growth and development of our online and interactive business.”

Despite its famous name, Rhode Island based Bally’s does not currently own any properties in Las Vegas.