LAS VEGAS—The Tropicana Las Vegas Hotel and Casino, a Sin City namesake, is being sold to a new entrant among Las Vegas Boulevard resort owners. Rhode Island-based Bally’s Corp. announced Tuesday it will acquire the iconic Strip property from Gaming and Leisure Properties Inc. for about $308 million. 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. Bally’s Corp. does not own Bally’s Las Vegas on the Strip. That 2,800-room property at Flamingo Road is owned and operated by Caesars Entertainment Inc. Papanier noted that Las Vegas draws more than 40 million tourists a year and said owning the Tropicana will boost …