“After our disciplined search, we believe the iconic Tropicana Las Vegas will successfully address customer demand for a Strip property while enhancing our already strong competitive position in the local markets where we operate,” he said.

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 at the southern end of the Las Vegas Strip. The property has undergone over $200 million of upgrades over the past four years, including renovations of all its nearly 1,500 guest rooms. Other amenities 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, and a five-acre tropical beach event area and spa.

As previously reported, Penn National has developed a two-phase integration and improvement plan with some activities occurring over the next 6 to 9 months, and others taking up to 3 to 5 year. These will include upgrading the property's existing technology infrastructure to allow for the integration of Penn National's nationwide player loyalty program, Marquee Rewards, at Tropicana Las Vegas, and potential facility enhancements

In June, Penn National named Bob Sheldon to the newly created role of president of Las Vegas operations, subject to customary regulatory approvals. In this role, Sheldon has direct oversight of all aspects of the operations of both Tropicana Las Vegas and M Resort Spa Casino in Henderson, NV and is responsible for building a strong local leadership team that will implement the company's operating, guest service and growth strategies at Tropicana. Reporting to Sheldon at Tropicana will be general manager Philippe Khouri, who most recently served as general manager of another Penn National Property.