A Las Vegas-based analyst believes Bally’s Corp. may try to sell the land the shuttered Tropicana is on to help finance the company’s project in Chicago.
Colin Mansfield, vice president of credit research for CBRE Credit Research in Las Vegas, said in a Monday report to investors that he also doesn’t expect the bid of the Standard General hedge fund to take over Bally’s would be successful. Standard General is Bally’s largest shareholder, and it is managed by Soo Kim, who also is chairman of Bally’s board of directors. Other investors have asked Bally’s to reject the bid.
Kim on March 11 offered Bally’s $15 a share to buy all remaining shares and to take the company private. Bally’s formed a special committee to evaluate the officer.
