With GLPI holding on to the land, Bally’s will enter into a 50-year lease for its new property, paying GLPI $10.5m per year. Penn National is the Trop’s current operator. Bally’s is also taking over Penn National’s remaining equity interest in the Tropicana. The transaction includes just the non-land real estate GLPI will keep the land on which the Tropicana is built. (GLPI) has agreed to sell the Tropicana Las Vegas Hotel and Casino to Bally’s Corporation for $150m. In a deal that the company’s chief executive describes as “complex,” Gaming and Leisure Properties, Inc.
