“While we think it’s possible GLPI could have gotten a higher price tag, we believe the wider Bally relationship was likely an overriding consideration,” Jonas said. As an unincorporated town, it is governed by the Clark County Commission with input from the Paradise Town. The population was 231,858 as of 2017, making it the most populous CDP in the United States. The lease has initial annual fixed rent of $12 million, subject to increase over time, and GLPI will pay $150 million to own the properties.īally’s also granted GLPI a right of first refusal to fund property acquisition or development project costs associated with any and all potential future transactions in Michigan, Maryland, New York, and Virginia through one or more sale-leasebacks or similar transactions for a term of seven years. A map showing casinos and other gaming facilities located near Tropicana Las Vegas, located in Las Vegas at 3801 Las Vegas Boulevard South, in Nevada, United States. Paradise is an unincorporated town and census-designated place (CDP) in Clark County, Nevada, United States, adjacent to the city of Las Vegas. The Tropicana is the oldest hotel casino on the Strip, isnt it All the other casinos from the 40s and 50s are gone. The rental agreement is subject to increases.Īlso, Bally’s entered into a sale-leaseback agreement with GLPI for its properties in Black Hawk, Colorado, and a casino Bally’s is acquiring in Rock Island, Illinois. The transaction is valued at $308 million, and Bally’s is paying GLPI $150 million to own and operate the hotel-casino, and $10.5 million annually over the next 50 years to lease the site.
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