LAS VEGAS—Penn National Gaming Inc. says it has received approval today from the Nevada Gaming Commission to complete the company's planned $360 million acquisition of Tropicana Las Vegas.
The Commission's approval represents the final step in the regulatory process to finance and acquire the property following earlier approvals in several other jurisdictions where the company operates. Penn National plans to complete deal on Tuesday.
“The addition of Tropicana Las Vegas to our national portfolio of gaming assets is an exciting and important milestone for Penn National as it fulfills our longstanding strategic objective to acquire the right resort at the right price on the Las Vegas Strip,” said Timothy Wilmott, CEO of Penn National Gaming. “Tropicana Las Vegas will allow us to leverage our database of nearly 3 million active regional gaming customers while further diversifying our operations with another wholly-owned asset.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
