US casino and racetrack operator Penn National Gaming has entered into a definitive agreement to acquire the Tropicana Las Vegas Casino and Hotel for $360 million (€323.5 million).
Penn said that it intends to fund the acquisition of the Nevada land-based facility through an expansion of its existing credit facilities and cash in hand.
Located on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, the Tropicana boasts a 50,000 square foot casino as well as more than 1,000 gaming positions and a sports book.
The transaction and credit facility expansions remain subject to regulatory approvals.
Timothy Wilmott, chief executive officer of Penn National Gaming, said, “The planned acquisition of Tropicana Las Vegas establishes a strong presence on the Las Vegas Strip for Penn National Gaming, fulfilling an important long-term strategic objective for the company.
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