Penn National’s deal to buy Tropicana Las Vegas can move forward

TropicanaLasVegas

Nevada gambling regulators say Penn National Gaming’s $360 million purchase of the Tropicana Las Vegas hotel and casino can move forward, according to CBS Las Vegas.

The state’s five-member Gaming Commission voted unanimously Thursday to approve the deal for the 58-year-old casino.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

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.

Suggested Articles

The Mandarin Oriental, Tel Aviv is scheduled to open at the end of 2023.

The Chicago-based chain is planning an Oxford hotel to complement its upcoming Cambridge property.

An 800-room Marriott Hotel will open in Jamaica and a 283-room Autograph Collection is slated for Curaçao.