Real estate investment trust Gaming and Leisure Properties will potentially consider selling the Tropicana Las Vegas hotel-casino at a reasonable price. That’s the opinion of Truist Securities analyst Barry Jonas after meetings with GLPI Chairman and CEO Peter Carlino and Senior Vice President Matthew Demchick.
Jonas said the executives did not go into details, but it is likely that the investment fund will sell the property to the highest bidder. The analyst also said GLPI is considering acquiring Bally’s permanent casino in Chicago (it’s a few years away from opening). If the deal materializes, the gambling establishment will become one of the most expensive objects in the portfolio of the investment fund.
In the meantime, Gaming and Leisure Properties is open to expanding its presence in Las Vegas. The fund currently owns two properties there: Tropicana on the Strip and M Resort in Henderson. Prhe GLPI representatives told Jonas that there are potentially significant opportunities in tribal gaming real estate. Management noted that tribal properties represent a significant untapped market, although a foundation would be required for safe and sound investment. Acquisition interest … will depend on the quality of potential tenants and lease terms, as well as the characteristics of the property, the analyst said.
GLPI has been less active recently than its competitor VICI Properties. However, the fund has many plans for potential acquisitions, and some of them are