According to PENN stock news

Penn's Tropicana Las Vegas sale reportedly moving forward

The sale of Tropicana would fit into the recent trend in Las Vegas casino companies monetizing assets, as MGM Resorts has with Circus Circus and Bellagio, and Caesars Entertainment has with Rio.
2020-01-03
Reading time 1:16 min
A local publication says Penn National has already accepted one of the offers for the Las Vegas casino and would be moving forward with plans to close on the deal, expected to be in the $700 million range. The incoming CEO had said the company was encouraged by unsolicited conversations to sell the Strip property.

According to PENN stock news on Thursday, Penn National Gaming is getting close to completing the sale of the Tropicana Las Vegas casino hotel. While an exact timeframe is not mentioned, sources cited by Vital Vegas claim that the sale is going to take place soon.

Those sources say that Penn National has already accepted one of the offers for the Las Vegas casino and is moving forward with plans to close on the deal. The finer details of the deal are still unknown, but predictions claim a sale of the Tropicana Las Vegas could be in the $700 million range, reports Vital Vegas.

The COO and incoming CEO of Penn, Jay Snowden, stated back in October 2019 the company had received and was evaluating unsolicited bids for the Strip resort, and he added the company was encouraged by some of those conversations. However, executives said a sale wasn’t “imminent.”

The sale of Tropicana would fit into the recent trend in Vegas casino companies monetizing assets, as MGM Resorts has with Circus Circus and Bellagio, and Caesars Entertainment has with Rio.

Penn National Gaming paid $360 million for Tropicana in August 2015. The property was previously owned by Onex Corp. and Alex Yemenidijan. Tropicana is an iconic casino in Las Vegas that has been in operation since 1957. 

PENN stock was up 1.35% as of Thursday afternoon.

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