The property is expected to reopen on Sept. 1
Tropicana Casino on Las Vegas Strip up for sale
Previous owner Penn National Gaming received $307.5 million in rent credit and continues to operate the casino-hotel, which is scheduled to reopen on Sept. 1.
2020-07-29
Reading time 33 seg
Gaming and Leisure Properties is looking to sell the Las Vegas property and rent it back or sell it outright.
Gaming and Leisure Properties confirmed Tuesday morning that Tropicana on the Las Vegas Strip is up for sale. Gaming and Leisure properties purchased the Tropicana in April from Penn National Gaming.
Joseph Jaffoni with Gaming and Leisure Properties investor relations said while there's no known price tag for the property yet, the value of the 35 acres on the Las Vegas Strip holds high value.
Jaffoni said the deal could have a number of outcomes, from a leaseback deal to an outright sale. Jaffoni said the property has "any number" of potential uses.
Penn National Gaming continues to operate the property. Tropicana is set to reopen Sept. 1 following COVID-19 related closures.
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