{"id":1004118985,"date":"2015-05-07T10:20:56","date_gmt":"2015-05-07T18:20:56","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=346115"},"modified":"2020-05-08T00:32:32","modified_gmt":"2020-05-08T08:32:32","slug":"penn-buys-tropicana-makes-debut-on-strip-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/penn-buys-tropicana-makes-debut-on-strip-2\/","title":{"rendered":"Penn Buys Tropicana, Makes Debut on Strip"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

One of the Las Vegas Strip\u2019s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.<\/p>\n

Onex Corp., the seller, acquired the property out of bankruptcy in 2009, and has since invested in some $200 million in renovations.
\nTropicana Las Vegas \"\"<\/a> offers 1,467 rooms, 100,000 square feet of convention and exhibit space and 50,000 square feet of gaming space. Penn will reportedly spend another $20 million on improvements.<\/p>\n

Although it currently owns and operates 26 casinos and racetracks across the country, the Tropicana represents first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada.<\/p>\n

Although it owns and operates 26 casinos and racetracks across the country, the Tropicana represents the first Las Vegas Strip property for the Wyomissing, Pa.-based company and only the second in Nevada. According to Bloomberg.com<\/em><\/a>, Penn National had been in pursuit of a major Las Vegas Strip property for nearly eight years.<\/p>\n

Image courtesy of troplv.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the Las Vegas Strip\u2019s most recognizable properties is coming under new ownership. 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