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The Tropicana Las Vegas Hotel and Casino is being sold.

Bally’s Corp. announced Tuesday it will acquire the iconic Las Vegas Strip property from Gaming and Leisure Properties Inc. for about $308 million.

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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.

"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.

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.

FILE – In this Aug. 4, 2015, file photo, sunlight illuminates a sign at the Tropicana hotel and casino in Las Vegas. (AP)

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The transaction is expected to close early next year.

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.

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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.

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.

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