Bally’s completes acquisition of Tropicana Evansville from Caesars

Bally’s Corporation has finalized its acquisition of the Tropicana Evansville from Caesars Entertainment.

As part of the deal, Bally’s also gains access to the land-based casino’s sports betting and igaming skins.

The addition of the Indiana property marks Bally’s 11th state of operation, with 15 casinos included in its portfolio.

The Tropicana Evansville boasts an expansive gaming floor in addition to two hotels, four restaurants, a retail sportsbook, and a convention space next to the casino.

“The Tropicana Evansville acquisition closing marks another major accomplishment in what has already been a truly remarkable year for Bally’s,” said Bally’s president and CEO George Papanier, referencing an M&A push highlighted by the acquisitions of sports betting solutions provider Bet.Works, DFS platform Monkey Knife Fight and the naming rights to more than 20 regional sports networks from Sinclair Broadcast Group.

“As we continue to implement our growth and diversification strategy with precision, we are excited to welcome the Tropicana Evansville into the Bally’s family and look forward to the opportunity to provide our first-in-class land-based and interactive entertainment offerings to the Indiana gaming market,” Papanier added.

As part of the transaction, an affiliate of Gaming & Leisure Properties (GLPI) acquired the real estate associated with the Tropicana Evansville casino for $340m, which it is leasing to Bally’s for $28m per year.

On account of the structure of the deal, no cash outlay was required at closing.

GLPI also acquired the real estate associated with Bally’s Dover Downs casino for $144m, which it is leasing back to Bally’s at an annual cost of $12m.