<p>LAS VEGAS — The Tropicana Las Vegas Hotel and Casino is being sold.</p>
<p>Bally’s Corp. announced Tuesday it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million. </p>
<p>The agreement for the nearly 1,500-room hotel, casino, theater and convention property also involves a sale-and-leaseback transaction relating to Bally’s Black Hawk, Colorado, and Rock Island, Illinois, casino properties, the company said.</p>
<p>“Landing a preeminent spot on the Las Vegas Strip is a key step for us,” George Papanier, Bally’s president and CEO, said in a statement. </p>
<p>He noted Las Vegas draws more than 40 million tourists a year and said owning the Tropicana will boost Rhode Island-based Bally’s customer and player databases, unlock marketing opportunities and benefit Bally’s online and interactive business.</p>
<p>The transaction is expected to close early next year. </p>
<p>Bally’s owns and manages 12 casinos in eight states, and said it is set to own and manage 15 casinos in 11 states after several acquisitions are completed.</p>
<p>Bally’s is already licensed as a casino operator in Nevada, and purchased the MontBleu Resort near Lake Tahoe from Caesars Entertainment Inc. earlier this month.</p>
<p>The 22-story Tropicana opened in April 1957. It is on a 35-acre parcel at a Las Vegas Boulevard intersection named for it. It has been operated as a DoubleTree by Hilton.</p>
