It includes 1,470 guest rooms, 50,000 square feet of casino space with 1,000 gaming positions, a 1,200 seat performance theater and 100,000 square feet of convention and meeting space. The Tropicana Las Vegas Hotel and Casino is located in Las Vegas, Nevada on a 35-acre parcel on the corner of Tropicana Boulevard and Las Vegas Boulevard. We look forward to exploring significant redevelopment of the property, which we believe will enhance its financial profile.' This expansion will also support the growth and development of our online and interactive business.

The Strip is visited by over 40 million players and guests per year, which we believe will significantly enhance Bally's customer base and player database, as well as unlock marketing opportunities to leverage the iconic Bally's brand. George Papanier, President and Chief Executive Officer of Bally's Corporation, said, 'Landing a preeminent spot on the Las Vegas Strip is a key step for us. Bally's and GLPI have agreed to use commercially reasonable efforts to negotiate and enter into definitive documents with respect to these transactions as promptly as practicable in order to fully reflect the contemplated terms. The transaction is expected to be accretive to Bally's shareholders long-term and will require no cash outlay from Bally's at closing.

The lease will have initial annual fixed rent of $12 million, subject to increase over time. Bally's and GLPI will also will enter into a sale-and-leaseback transaction relating to Bally's Black Hawk, CO and Rock Island, IL casino properties for a cash purchase price of $150 million payable by GLPI. In addition, Bally's has agreed to lease the land underlying the Tropicana property from GLPI for an initial term of 50 years at annual rent of $10.5 million, subject to increase over time. The purchase price for the Tropicana property's non-land assets is $150 million.

Tropicana las vegas hotel and casino