The state’s five-member Gaming Commission voted unanimously Thursday to approve the deal for the 58-year-old casino.
Pennsylvania-based Penn National has long sought a casino on the Las Vegas Strip. The company owns or operates 21 other casinos across the country including the M Resort Spa Casino in nearby Henderson, Nevada.
The company announced its deal to buy the Tropicana with Onex Corp. in April. Executives have said they plan to spend $200 million eventually on improvements after spending an initial $20 million in the next two years on technology to link the casino to its gambler loyalty program with 3 million members and add newer slots.