Dover Downs Owner Bally’s Engineers Sell Delaware Real Estate Leaseback

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Dover downs The owner of Bally’s Corporation currently has a lot to do, including a recent deal to sell a casino real estate in Delaware.

Gaming and Leisure Properties buys properties associated with Bally’s Dover Downs Casino for $ 144 million.

The company will lease the property back to Bally’s for $ 12 million a year, subject to an escalation clause. The site includes meeting rooms for banquets and a 500-room hotel, the largest in Delaware.

The rent return was also part of Bally’s recent purchase of the Tropicana Hotel in Evansville, Indiana for $ 140 million from Caesars Entertainment.

As part of the deal, Gaming & Leisure Properties, Inc. has acquired properties associated with Tropicana Evansville for $ 340 million and will return it to Bally’s for rent for $ 28 million a year.

The Evansville site has sports games, a couple of hotels, and meeting and conference facilities in a city in southern Indiana.

Bally’s is building a nationwide presence pending deals including Jumer’s Casino & Hotel (Rock Island, Illinois) and Tropicana Las Vegas, as well as building a casino near Nittany Mall in State College, Pennsylvania.

When these deals are closed, the company will own and operate 16 casinos in 11 states.

The explosive growth began a couple of years ago with the purchase of Dover Downs. Owned by a publicly traded company that was controlled by the Rollins family interests, the Rhode Island company, then known as Twin River, went public through Dover Downs.

Prior to that, the company had casinos in Rhode Island and small playgrounds in Colorado. At the time, Rhode Island casinos faced competition from neighboring Boston and the Las Vegas-style Wynn casinos.

Twin River later acquired the Bally name from Caesars to create a national brand. He also bought the Bally Casino in Atlantic City.

The Bally’s in Las Vegas and Tropicana in Atlantic City remain owned by Caesars, which was previously acquired by Eldorado of Reno. Eldorado, which was smaller than Caesars, sold Bally’s Casino to bolster its balance sheet.

Bally’s has also aggressively moved into various types of online gaming with a number of deals, some of which are still in development. The most prominent partner is the National Hockey League.

One disappointment came when city officials quickly turned down his offer to create a major casino resort in Richmond, Virginia.

Once the dust associated with the deal clears up, the company is likely to rebrand many, if not most, properties and player cards to Bally.



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