Dover Downs owner Bally’s Corporation has a lot on its plate these days, including a recent deal that offloads the Delaware casino’s real estate.
Gaming and Leisure Properties is buying the real estate associated with Bally’s Dover Downs casino for $144 million.
The company will lease lease the property back to Bally’s for $12 million per year, subject to an escalation clause. The site includes banquet-convention areas and a 500-room hotel, the largest in Delaware.
The leaseback was also part of Bally’s recent purchase of the Tropicana in Evansville, IN, for $140 million from Caesars Entertainment. As part of the transaction, Gaming & Leisure Properties, Inc. acquired the real estate associated with the Tropicana Evansville for $340 million and will lease it back to Bally’s for $28 million a year.
