Tropicana Las Vegas is being sold to Penn National Gaming Inc. for $360 million. The deal was announced today. The iconic hotel and casino has been on the the Las Vegas Strip for nearly 60 years and has seen about $200 million in renovations over the last four years. The hotel’s 1,500 hotel rooms have been the focus of the upgrades, but any passerby can easily see that more has gone into the Havana inspired design of the property than updated accommodations.
The purchase by Penn National will give the company its first property on The Strip, adding to its 25 hotels, casinos, and race parks spread across the country. Penn properties include the Hollywood brand and M Resort some 12 miles away in Henderson, Nevada.
Tropicana Las Vegas shareholders, including Onex, a Toronto based private equity investment firm and holding company, have given their blessing to the sale which is expected to close later this year.
The property includes a 50,000 square foot casino floor with over 900 gaming machines, Vegas table games, a theater, comedy club, three restaurants and a food court, along with 100,000 square feet of meeting and convention space.