Penn Buys Tropicana, Makes Debut on Strip

One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.

One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.

Onex Corp., the seller, acquired the property out of bankruptcy in 2009, and has since invested in some $200 million in renovations.
Tropicana Las Vegas offers 1,467 rooms, 100,000 square feet of convention and exhibit space and 50,000 square feet of gaming space. Penn will reportedly spend another $20 million on improvements.

Although it currently owns and operates 26 casinos and racetracks across the country, the Tropicana represents first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada.

Although it owns and operates 26 casinos and racetracks across the country, the Tropicana represents the first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada. According to Bloomberg.com, Penn National had been in pursuit of a major Las Vegas Strip property for nearly eight years.

Image courtesy of troplv.com