A Las Vegas icon should be the property of a Berks County business by early next week.
Wyomissing-based Penn National Gaming Inc. received approval Thursday from the Nevada Gaming Commission to complete its planned $360 million acquisition of Tropicana Las Vegas. This is 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 said it plans to complete the purchase Aug. 25.
“Our regional gaming customers have long asked us to offer them an attractive destination on the Las Vegas strip,” said Timothy Wilmott, CEO of Penn National Gaming. “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.”
Tropicana Las Vegas is on 35 acres at the corner of Tropicana Boulevard and Las Vegas Boulevard, about 2.5 miles from McCarran International Airport at the southern end of the Vegas strip. The property has undergone more than $200 million of upgrades the past four years, including renovations to all of its nearly 1,500 guest rooms.
Penn National said it will invest about $20 million in further facility improvements and integration activities. These will include upgrading the property’s technology to allow for the integration of Penn National’s nationwide player loyalty program, Marquee Rewards.
The company plans to evaluate other potential enhancements, such as the addition of retail space, food and beverage outlets, casino floor improvements and additional hotel rooms in a second phase of improvements.
Penn National Gaming owns, operates or has ownership interests in 26 gaming and racing facilities throughout North America.