Bally’s Corporation has purchased the Tropicana Las Vegas for just over $300 million, giving them their first property on The Strip. The agreement will be finalized sometime early next year, pending regulatory approval.

The deal finds Bally’s paying $150 million for the Tropicana building and assets, then leasing the property from real estate investment trust Gaming and Leisure Properties for the next 50 years. Gaming and Leisure Properties had purchased Tropicana from Penn National Gaming just last year for the same price.

“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…” said George Papanier, CEO of Bally’s, adding that “Landing a preeminent spot on the Las Vegas Strip is a key step for us.”

For more on the purchase of the Tropicana Las Vegas, visit iGaming North America.