LAS VEGAS—Penn National Gaming Inc. has entered into an agreement to acquire Tropicana Las Vegas Casino Hotel Resort 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, approximately 2.5 miles from McCarran International Airport on the southern end of the Las Vegas Strip. The iconic property features nearly 1,500 guest rooms including 181 suites (of which six are luxury villas). Amenities at the property include a 50,000 square foot casino with over 1,000 gaming positions, a sports book, three full service restaurants, a food court, a 1,200-seat performance theater, the 300 seat Laugh Factory comedy club, over 100,000 square feet of exhibition and meeting space, a five-acre tropical beach event area and spa.

Over the past four years, Tropicana Las Vegas completed over $200 million of property upgrades including a complete renovation of all guest rooms, which feature a new South Beach theme. In addition, significant improvements were made to the ballroom, conference meeting space and Pavilion exhibition space, the 1,200 seat showcase performance theater, restaurant and entertainment areas, and the facility's infrastructure and mechanical systems. In the Las Vegas Review Journal's 2015 Best of Las Vegas survey, Tropicana Las Vegas garnered awards in several categories including Best Hotel Rooms, Best Hotel Suites and Best Hotel Room Value.