Tropicana Las Vegas sells for $338m
Gaming and Leisure Properties has reached agreements with Penn National Gaming to acquire the real estate assets of the Tropicana Las Vegas hotel and casino and the land for $337.5 million. The parties will enter into a lease for the Morgantown land.
Tropicana Las Vegas is situated on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, approximately 2.5 miles from McCarran International Airport on the southern end of the Las Vegas Strip. Penn National will continue to operate the Tropicana Las Vegas.
GLPI's chairman and chief executive officer, Peter Carlino, commented, “This is a win-win agreement that significantly enhances GLPI’s certainty from the master leases with Penn National as it assists Penn National in meeting its GLPI rent obligations while helping to create a stronger liquidity roadmap for Penn National. Given the rapid onset of closures related to COVID-19, these agreements are structured in a manner that allows bo