Bally's Close to Making a Huge Las Vegas Strip Deal
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Bally's Corp. stock is up 15% since August 5th. The company has cut its 2022 revenue and EBITDA estimates due to weakness at its venue in Atlantic City. Stifel analyst Jeffrey Stantial has a $29 price target and buy rating on Bally’s.
Bally's hopes to close its $308 million purchase of the Tropicana as soon as next month. The company doesn't have plans to upgrade the property for at least a year. GLPI will lease back the casino for $10.5 million ayear. Bally’s announced the purchase in April 2021.
Caesars Entertainment sold Bally's brand to Twin River Worldwide Holdings in 2020. The Horseshoe Las Vegas will be rebranded as the Hoursesho by the end of the year. Caesar's CEO Tom Reeg thinks the Strip has too many rooms and that hurts casinos' pricing power. Paris, Planet Hollywood, and Flamingo are the most speculated about properties to be sold.
