Penn National Gaming Agrees to Acquire Tropicana Las Vegas Casino Hotel Resort for $360 Million

Penn National Gaming | April 29, 2015

April 29, 2015 - WYOMISSING, Pa. - Penn National Gaming, Inc. (PENN: Nasdaq) ("the Company," "Penn National," or "Penn National Gaming") announced today that it entered into a definitive agreement to acquire Tropicana Las Vegas Casino Hotel Resort ("Tropicana Las Vegas" or "Tropicana") from its shareholders, the largest of which is a partnership between Onex and Alex Yemenidjian, for $360 million. Penn National intends to fund the acquisition through an expansion of its existing credit facilities and cash on hand. Tropicana Las Vegas is situated on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, appro...