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Bally's Buying Tropicana Hotel On Las Vegas Strip For $308M

LAS VEGAS (AP) — The Tropicana Las Vegas Hotel and Casino is being sold to Bally's Corp.

The company announced Tuesday it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million.

The agreement also involves a sale-and-leaseback transaction relating to Bally's Black Hawk, Colorado, and Rock Island, Illinois, properties.

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Bally's President and CEO George Papanier says having a nearly 1,500-room property on the Las Vegas Strip is a key step for the Rhode Island-based company.

The transaction is expected to close early next year. Bally's Corp. does not own Bally's Las Vegas on the Strip. It is owned and operated by Caesars Entertainment Inc.