Bally’s Officially Takes Over Tropicana Evansville
Bally’s Corporation announced that the purchase of Tropicana Evansville from Caesars Entertainment is now complete.
This sale was agreed upon in 2020, but there were several agencies and regulators that had to sign off on the deal.
Caesars Entertainment was forced to get rid of a handful of locations in Indiana, and it quickly found a suitor in Bally’s Corp. Tropicana Evansville is one of the most popular casinos in the Hoosier State and should provide a huge revenue boost to the company.
Through this deal, Bally’s will also take over the sports betting and iGaming skins that come with the Evansville property, giving Bally’s quick access to the state. Indiana has emerged as a top sports betting market in the US, but there is still plenty of room to grow.
Bally’s has agreed to pay Caesars Entertainment $140 million for the purchase of this property, but the actual property went to a company called Gaming & Leisure Properties. Bally’s will then rent the casino from GLPI for $28 million per year, and it will control what takes place at the casino.
In 2017, Tropicana made history in Indiana as it became the first riverboat casino to move to a permanent location on land. The property is still along the Ohio River but is located on 20 acres of land.
The gaming floor at Tropicana Evansville is more than 47,000 square feet, and there is a meeting space nearly that same size. Bally’s has made expansions or renovations at several of its other properties around the US, but an official announcement has not yet been made for this property.
Bally’s has agreed to a 15-year lease of this property with GLPI, but there are options to extend the agreement.
About Bally’s Corp
There have been few companies making as much progress and growth as Bally’s Corporation over the last 12 months. The company currently employs more than 6,000 full-time employees throughout the United States, but that number is expected to grow with all of these new acquisitions.
Bally’s now operates 13 casinos across nine states in the US, but that is a number that is also expected to grow in 2021 and beyond. It has made the biggest splash in the state of Colorado, where it owns a horse track and 13 different OTB sites in the state.
Bally’s just recently launched Bally Bet through a beta launch in Colorado, but that sports betting app is expected to make its way to Indiana by the end of 2021. That app is powered by Bet.Works, one of the top technology providers in the United States.
This company is also looking to break into the DFS industry as it has acquired Monkey Knife Fight, one of the fastest-growing DFS sites in the United States. This will allow Bally’s to offer these DFS contests in any states that have legal and regulated options.
Bally’s has a market access agreement with Elite Casino Resorts, and that has allowed the company to launch its sports betting product in more states across the US.
For more sports news and updates on legal sports betting in Indiana, check out more stories on our blog.
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