Penn National Gaming To Buy Tropicana Las Vegas Casino Hotel For $360 Mln

(RTTNews) - Penn National Gaming Inc. (PENN) announced that it agreed to acquire Tropicana Las Vegas Casino Hotel Resort from its shareholders, the largest of which is a partnership between Onex and Alex Yemenidjian, for $360 million.

Penn National noted that it intends to fund the acquisition through an expansion of its existing credit facilities and cash on hand.

Tropicana Las Vegas is situated on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, approximately 2.5 miles from McCarran International Airport on the southern end of the Las Vegas Strip.

The iconic property features nearly 1,500 guest rooms including 181 suites (of which six are luxury villas). Amenities at the property include a 50,000 square foot casino with over 1,000 gaming positions, a sports book, three full service restaurants, a food court, a 1,200-seat performance theater, the 300 seat Laugh Factory comedy club, over 100,000 square feet of exhibition and meeting space, a five-acre tropical beach event area and spa.

The transaction and credit facility expansions are subject to regulatory approvals, the expiration of the applicable Hart-Scott-Rodino waiting period and other customary closing conditions and the transaction is expected to be completed by year-end 2015.