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American gaming operator Bally's Corporation announced this week that they've finalized their purchase of the Tropicana Evansville casino from Caesars Entertainment, giving the betting giant access to the casino's sportsbetting and internet gaming rights, in addition to the property itself.
The agreement saw Bally's purchase the property, using an affiliate to facilitate the transaction. Gaming & Leisure Properties, Inc. purchased the property for $340 million and is in turn leasing the casino to Bally's for $28 million per year. A second property, Bally's Dover Downs was also purchased and leased back to Bally's. The leases are initially good for 15 years, with four possible extensions of five years possible.
The Evansville property has 79,000 square feet of space, including 45,000 square feet of gaming floor. There are also four restaurants, and a sportsbook included.
Commenting on the purchase Bally's Corporation CEO George Papanier said, "The Tropicana Evansville acquisition closing marks another major accomplishment in what has already been a truly remarkable year for Bally's. 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."