Caesars Entertainment and Bally’s Corp. announced Friday that they have completed the transaction of the Tropicana Evansville casino operations in Indiana.
Bally’s acquired the Tropicana Evansville from Caesars for $140 million. As part of the transaction, Bally’s also acquired the unencumbered rights to the Evansville operations’ sports betting and iGaming skins, which will give Bally’s greater access to the Indiana gaming market.
“The Tropicana Evansville acquisition closing marks another major accomplishment in what has already been a truly remarkable year for Bally's,” George Papanier, president and chief executive officer of Bally’s Corp., said in a news release. “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."
An affiliate of Gaming & Leisure Properties, Inc. (GLPI) acquired the real estate associated with the Tropicana Evansville casino for $340 million. GLPI is leasing it to Bally’s for $28 million per year.
GLPI also acquired the real estate with Bally’s Dover Downs casino for $144 million and is leasing it back to Bally’s for $12 million per year. Both leases are governed by a master lease agreement with GLPI, which has an initial term of 15 years and includes four options of five years each.
"I want to thank the team members of Evansville for all of their hard work and wish them continued success under Bally's leadership," Caesars Entertainment CEO Tom Reeg said in a news release.
The Tropicana Evansville Casino features sports betting, slots and table games. The facility encompasses 79,000 square feet of enclosed space, including 45,000 square feet of casino floor, four dining venues, a race and sportsbook and back house of space.
The facility also includes 11,000 square feet of convention space adjacent to the casino and a Riverfront Event Center located across the street, which has 10,000 square feet of convention space overlooking the Ohio River.
Accommodations for the facility include a 243-room hotel and a 95-room boutique hotel.