Penn National sells Tropicana, will furlough 26,000 workers

Tropicana Las Vegas will have a new owner.

Penn National Gaming on Friday announced an agreement to sell the Las Vegas property’s real estate assets — including land and buildings — to Gaming & Leisure Properties in return for $337.5 million in “rent credits.”

As part of the deal, Tropicana will continue to be operated by Penn National and the credits will go toward future rent payments.

The deal, according to Penn National CEO Jay Snowden, was designed in part to allow the company to become more liquid as its 41 properties across the country remain closed because of the coronavirus pandemic.

In a statement, Snowden thanked Gaming & Leisure Properties officials for being “creative” in brokering the deal.

Read more: https://vegasinc.lasvegassun.com/business/gaming/2020/mar/27/penn-national-sells-tropicana-will-furlough-26000/