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.