M&A Deal Summary

Bally s and Gaming & Leisure Properties Acquire Tropicana Evansville

On October 27, 2020, Bally s and Gaming & Leisure Properties acquired leisure company Tropicana Evansville from Caesars Entertainment for 480M USD

Acquisition Highlights
  • This is Bally s’ 3rd and Gaming & Leisure Properties’ 3rd transaction in the Leisure sector.
  • This is Bally s’ and Gaming & Leisure Properties’ largest (disclosed) transaction.
  • This is Bally s’ 4th and Gaming & Leisure Properties’ 5th transaction in the United States.
  • This is Bally s’ 1st and Gaming & Leisure Properties’ 1st transaction in Indiana.

M&A Deal Summary

Date 2020-10-27
Target Tropicana Evansville
Sector Leisure
Buyer(s) Bally s
Gaming & Leisure Properties
Sellers(s) Caesars Entertainment
Deal Type Divestiture
Deal Value 480M USD

Target

Tropicana Evansville

Evansville, Indiana, United States
website
Tropicana Evansville is an operator of an entertainment complex located on the scenic banks of the Ohio River in southwestern Indiana. The single-level 24-hour casino encompasses 45,000 square feet of gaming space featuring over 1,100 slot games, over 30 table games, a dedicated Poker Room, and a High Limit Room. Tropicana Evansville is based in Evansville, Indiana.

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Buyer(S) 2

Buyer

Bally s

Providence, Rhode Island, United States

website


Category Company
Founded 2004
Sector Gaming
Employees10,500
Revenue 2.3B USD (2022)
DESCRIPTION

Bally's currently owns and operates 10 casinos across six states, a horse racetrack, and 13 authorized OTB licenses in Colorado. With more than 5,400 employees, the Company's operations include 11,859 slot machines, 405 game tables, and 2,538 hotel rooms. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Bally's Atlantic City (Atlantic City, NJ), Casino KC (Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Bally's was founded in 2004 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 4 of 12
Sector (Leisure) 3 of 5
Type (Divestiture) 4 of 6
State (Indiana) 1 of 1
Country (United States) 4 of 10
Year (2020) 3 of 5
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 Dover Downs Hotel & Casino

Dover, Delaware, United States

Dover Downs Hotel & Casino is a luxurious 4 Diamond hotel and casino offering a variety of entertainment, dining, horse racing, table games, poker, and slots. Dover Downs Hotel & Casino is based in Dover, Delaware.

Sell $340M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 Bet.Works

Las Vegas, Nevada, United States

Bet.Works is a U.S.-based technology and services company delivering the most advanced iGaming and sportsbook products. Its flexible suite of proprietary solutions, coupled with a sophisticated managed service offering, uniquely position Bet.Works to provide US-ready solutions to enterprise, tribal and regional clients.

Buy -
Buyer

Gaming & Leisure Properties

Wyomissing, Pennsylvania, United States

website


Category Company
Sector Real Estate
Employees560
Revenue 1.2B USD (2020)
DESCRIPTION

Gaming & Leisure Properties is a real estate company. GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.


DEAL STATS #
Overall 5 of 7
Sector (Leisure) 3 of 5
Type (Divestiture) 5 of 7
State (Indiana) 1 of 1
Country (United States) 5 of 7
Year (2020) 3 of 3
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 Dover Downs Hotel & Casino

Dover, Delaware, United States

Dover Downs Hotel & Casino is a luxurious 4 Diamond hotel and casino offering a variety of entertainment, dining, horse racing, table games, poker, and slots. Dover Downs Hotel & Casino is based in Dover, Delaware.

Buy $340M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Hollywood Casino Perryville

Perryville, Maryland, United States

Hollywood Casino Perryville offers Vegas-style gaming vibes in a friendly community atmosphere. Hollywood Casino Perryville is based in Perryville, Maryland.

Sell $31M

Seller(S) 1

SELLER

Caesars Entertainment

Reno, Nevada, United States

website


Category Company
Founded 1937
Sector Leisure
Employees49,000
Revenue 10.8B USD (2022)
DESCRIPTION

Caesars Entertainment is a casino entertainment company that owns and operates twenty-six properties in twelve states, including Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, and Ohio. In aggregate, Eldorado’s properties feature approximately 23,000 slot machines and VLTs and approximately 650 table games, and over 12,000 hotel rooms. Caesars Entertainment was incorporated in 1937 and is headquartered in Reno, Nevada.


DEAL STATS #
Overall 5 of 6
Sector (Leisure) 4 of 5
Type (Divestiture) 4 of 5
State (Indiana) 1 of 1
Country (United States) 5 of 6
Year (2020) 3 of 4
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-30 William Hill

London, United Kingdom

William Hill Plc is a betting and gaming companies with approximately 1,500 licensed betting outlets and a leading telephone betting business. William Hill was founded in 1934 and is based in London, United Kingdom.

Buy £2.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-23 Eldorado Resort Casino Shreveport

Shreveport, Louisiana, United States

Eldorado Resort Casino Shreveport is a provider of exceptional guest service, a dynamic gaming product, award-winning dining, exciting entertainment and premier accommodations.

Sell $140M