Tropicana Las Vegas Hotel and casino is changing hands in deal worth $360 million.
Casino and racetrack owner Penn National Gaming Inc. will acquire the historic property from Toronto based Onex Corp and plans to spend a further $20 million on upgrades.
The Tropicana opened in April 1957 and features 1,500 rooms, a theater and a 50,000 square foot casino.
Onex had spent about $200 million upgrading facilities at ‘the Trop’ during the last four years after taking over the then bankrupt business in 2009.
Penn National Gaming operates 26 hotels and casinos across the nation, including the M Resort located 12 miles from the Las Vegas strip.
Penn spokesman Eric Schippers said the company has been seeking a property on the Strip for many years.
"We didn’t want to overpay for an asset back when everyone was asking gigantic asking prices. We’ve been looking for a dozen years for the right resort in the right location and Tropicana checks all the boxes for us."
The deal is expected to finalize later this year subject to approval from the Nevada Gaming Commission.
