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Tropicana Las Vegas Sells for $308 Million

DDG
DDG

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Tropicana Las Vegas sale

Tropicana Las Vegas Sells for $308 Million

Penn National Gaming has announced that it has agreed to sell the Tropicana Las Vegas to Gaming & Leisure Properties. The selling price is $307.5 million, about 15% less than it paid for the property five years ago.

Las Vegas and its world famous Strip is shut down due to the coronavirus outbreak. Trpicana Las Vegas has been closed since March 18, 2020 with no opening date in sight. So this could be an indication of things to come for the casinos in the city and elsewhere.

Penn National also said that it would put 26,000 employees on unpaid furlough beginning Wednesday, Bloomberg reports.

Under the sale deal, Gaming & Leisure will put the resort on the market over the next two years. Penn National Gaming could get as much as 75% of any sale over the $307.5 million.

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DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

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1 COMMENT

  1. Interesting. Penn National bought it from ONEX, the Canadian holding company that just bought WestJet and two decades ago partnered with AA to buy CP (Canadian Airlines International) but lost out to AC. It also bought Boeing’s Wichita plants (Spirit Aerspace) and once owned SkyChefs before selling that company to LH. Though unlike most such holding companies, ONEX doesn’t strip assets and pile on debt to the companies buys, it grooms them and improves their viability to be either sold outright (SkyChefs and Tropicana) or returned public (Spirit).

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