Gaming and Leisure Properties plans to sell Tropicana casino

Real estate fund Gaming and Leisure Properties may consider selling the Tropicana Las Vegas hotel-casino. That’s according to Truist Securities analyst Barry Jonas, who met with GLPI Chairman and CEO Peter Carlino and Senior Vice President Matthew Demchick.

As he notes, at the moment the leaders did not go into details. But it is quite possible that the investment fund will sell the casino to the buyer who offers the maximum price. GLPI may also acquire a permanent Bally’s casino in Chicago, which should open within a few years. If the transaction is completed, the gambling establishment will be one of the most expensive objects in the investment fund.

Gaming and Leisure Properties may also expand its presence in Las Vegas. It has two properties here: Tropicana on the Strip and M Resort in Henderson. At the moment there are quite wide opportunities in the field of gambling real estate. The fund has many plans for potential purchases, and some of them may be implemented in the near future.

Gaming and Leisure Properties’ negotiations with casino operators have progressed over the past 6-12 months. Therefore, the fund has a fairly large list of possible transactions.