{"id":164864,"date":"2021-02-19T09:04:10","date_gmt":"2021-02-19T17:04:10","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=164864"},"modified":"2021-02-26T10:32:59","modified_gmt":"2021-02-26T18:32:59","slug":"tropicana-las-vegas-drawing-interest-but-prospective-buyers-lacking-cash-says-glpi","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/tropicana-las-vegas-drawing-interest-but-prospective-buyers-lacking-cash-says-glpi\/","title":{"rendered":"Tropicana Las Vegas Drawing Interest, But Prospective Buyers Lacking Cash, Says GLPI"},"content":{"rendered":"<p class=\"Standard\">Tire kicking on Tropicana Las Vegas continues, but owner Gaming and Leisure Properties (NASDAQ:GLPI) says many of the interested suitors don&#8217;t have the cash to make an acceptable offer.<\/p>\n<figure id=\"attachment_164873\" aria-describedby=\"caption-attachment-164873\" data-style=\"width: 1080px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-164873 size-full\" src=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/Tropicana-Las-Vegas.jpg\" alt=\"Tropicana Las Vegas\" width=\"1080\" height=\"809\" srcset=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/Tropicana-Las-Vegas.jpg 1080w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/Tropicana-Las-Vegas-142x106.jpg 142w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/Tropicana-Las-Vegas-1024x767.jpg 1024w, https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/02\/Tropicana-Las-Vegas-768x575.jpg 768w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><figcaption  id=\"caption-attachment-164873\"class=\"text-description\">Tropicana Las Vegas. (Image: Google Street View\/cpexecutive.com)<\/figcaption><\/figure>\n<p class=\"Standard\">GLPI owns the property assets of the venue, while Penn National Gaming (NASDAQ:PENN) operates it. The property <a href=\"https:\/\/www.casino.org\/news\/tropicana-las-vegas-on-market-for-384m-but-it-could-be-worth-more\/\"><span style=\"color: windowtext; text-decoration: none; text-underline: none;\">is officially listed at $384 million<\/span>,<\/a> well below the estimated $500 million after-repair value. Both the real estate and operating rights are up for bid. Because of its status as a Strip resort, there&#8217;s plenty of interest. Finding a credible buyer appears to be a different matter.<\/p>\n<p class=\"Standard\">\u201cIt&#8217;s not that (sic) have serious buyers. They just don&#8217;t have serious cash,\u201d said Gaming and Leisure CEO Peter Carlino on the company&#8217;s recent earnings conference call. \u201cThat&#8217;s the difference. I think they&#8217;re quite serious about running the asset, just not on terms that we&#8217;re willing to accept.\u201d<\/p>\n<p class=\"Standard\">The real estate investment trust (REIT) did not identify companies expressing interest in Tropicana. But this is at least the second time executives mentioned ample interest in the property, and that prospective suitors simply aren&#8217;t ponying up acceptable offers.<\/p>\n<h2 class=\"Standard\">Redevelopment Could Be in Tropicana&#8217;s Future<\/h2>\n<p class=\"Standard\">Last March, GLPI purchased the Strip property and the ground lease of an asset in Morgantown, Pa. from Penn for <a href=\"https:\/\/www.casino.org\/news\/penn-national-extends-surival-time-line-with-tropicana-deal\/\"><span style=\"color: windowtext; text-decoration: none; text-underline: none;\">$337.5 million in rent credits<\/span><\/a>. Soon after that, speculation emerged regarding the fate of the iconic venue.<\/p>\n<p class=\"Standard\"><strong>Redevelopment of the property is being discussed because Tropicana sits on 35.1 acres of coveted Las Vegas real estate, and not all of those acres are currently being used.<\/strong><\/p>\n<p class=\"Standard\">\u201cAnd so, yes, everybody is looking at redevelopment. I mean, there&#8217;s so much underutilized acreage there, and there&#8217;s so much upside to the operations from taking more market share,\u201d said Matthew Demchyk, GLPI senior vice president on the call. \u201cI think everyone is thinking about how to make it most relevant for the upcoming decade or two.\u201d<\/p>\n<p class=\"Standard\">While the REIT isn&#8217;t in a hurry to sell Tropicana, it appears its preference would be to sell the property outright and not engage in sale-leaseback with another operator. GLPI executives previously indicated their preference is for gaming properties <a href=\"https:\/\/www.casino.org\/news\/tropicana-las-vegas-is-for-sale-but-owner-not-in-rush-to-sell\/\"><span style=\"color: windowtext; text-decoration: none; text-underline: none;\">in regional markets<\/span><\/a>. The company owns the real estate assets of 45 gaming venues across the country, just three of which, including Tropicana, are in Southern Nevada.<\/p>\n<h2 class=\"Standard\">GLPI Could Be Buyer Elsewhere<\/h2>\n<p class=\"Standard\">Gaming REITs are <a href=\"https:\/\/www.casino.org\/news\/casino-reits-are-more-attractiv-than-broader-real-estat-sector\/\"><span style=\"color: windowtext; text-decoration: none; text-underline: none;\">some of the steadier names<\/span><\/a> in the broader real estate sector and are coming off a surprisingly strong 2020, despite the negative impact the coronavirus pandemic had on the gaming industry.<\/p>\n<p class=\"Standard\">With that in mind, it&#8217;s possible companies such as GLPI will be buyers of properties when those assets come available. But locating deals is easier said than done.<\/p>\n<p class=\"Standard\">\u201cSo, look, there&#8217;s not a whole lot of stuff falling off the trees in the gaming world right now, not surprising. There are some things that we look at,\u201d said Carlino. \u201cThere are things we&#8217;re looking at, but, you know, you&#8217;ve got to dig in scratch, it&#8217;s a \u2013 I mean, it&#8217;s \u2013 I like to say, there&#8217;s not a lot of the easy pickings.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tire kicking on Tropicana Las Vegas continues, but owner Gaming and Leisure Properties (NASDAQ:GLPI) says many of the interested suitors don&#8217;t have the cash to make an acceptable offer. GLPI owns the property assets of the venue, while Penn National Gaming (NASDAQ:PENN) operates it. The property is officially listed at $384 million, well below the [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":164873,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tropicana Las Vegas Drawing Interest, But Prospective Buyers Lacking Cash, Says GLPI - Casino.org<\/title>\n<meta name=\"description\" content=\"Tire kicking on Tropicana Las Vegas continues, but owner Gaming and Leisure Properties (NASDAQ:GLPI) says many of the interested suitors don&#039;t have the\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tropicana Las Vegas Drawing Interest, But Prospective Buyers Lacking Cash, Says GLPI - 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Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. 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