LAS VEGAS—Gaming and Leisure Properties is acquiring Penn National Gaming's Tropicana Las Vegas hotel and casino and the land for Penn National's Morgantown, Pa., development in a sale leaseback deal for $337.5 million in rent payments.
The lease for the Morgantown land will generate $3 million of initial annual cash rent for Gaming and Leisure.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
