Tropicana in Las Vegas to be sold for $360 million

The Tropicana Hotel and Casino in Las Vegas is being sold for $360 million, reports The Associated Press. A group of shareholders, including private equity firm Onex Corp., say they will sell the 58-year-old Tropicana to the casino operator Penn National Gaming Inc. The deal is expected to close later this year.

Over the past four years, the Tropicana has spent $200 million to renovate its 1,500 hotel rooms. The deal will give Penn National its first property on the Las Vegas Strip. The company, based in Wyomissing, Pa., operates 26 casinos and hotels around the country. Its other Nevada property, The M Resort, is about 12 miles from the Las Vegas Strip.

 

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

Suggested Articles

The Buccini/Pollin Group has a longstanding connection to the Baltimore region, opening its first hotel in the area in 1997.

BentallGreenOak, Flank Management and Geolo Capital have acquired the Hutton Hotel in an all-cash purchase.

Frontline Real Estate Partners: Hospitality Division has leadership from Frontline Real Estate Partners, Four Corners Advisors and Aries Capital.