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Bally’s to Acquire Tropicana in Las Vegas for $150 Million

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Tropicana Resort & Casino in Las Vegas.

Tropicana Resort & Casino in Las Vegas.

Photographer: Jacob Kepler/Bloomberg

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Bally’s Corp. agreed to buy the Tropicana casino in Las Vegas from Gaming & Leisure Properties Inc. for $150 million, part of a flurry of deals by the acquisitive Rhode Island-based gambling operator.

The company is purchasing the operations of the hotel and casino resort, which is located on the Las Vegas Strip, Bally’s said Tuesday. Gaming & Leisure, a real estate investment trust, will continue to own the property and collect rent.