it was our rumor<\/a>. No one could’ve predicted this turn of events, however.<\/p>\nThe sale of Tropicana is largely due to “liquidity pressure” resulting from the coronavirus shutdown. Translation: Casino companies are taking it in the butt right now.<\/p>\n
Always happy when we can help cut through the jargon.<\/p>\n
What Penn isn’t saying is this move was probably driven by the desire to avoid a future bankruptcy. The company has additional assets it could shed, to that move doesn’t appear to be in the immediate future.<\/p>\n
More bad news is on the horizon, as Penn (which operates 41 casinos in 19 states, including M Resort in Las Vegas) has said it will furlough about 26,000 employees starting April 1, 2020. The company will pay employees through March 31.<\/p>\n
Here’s the letter sent to Penn National customers on March 27, 2020.<\/p>\nFree vision test. You’re welcome.<\/figcaption><\/figure>\nThe upshot of the unceremonious sale of Tropicana is guests won’t see any changes at the resort when they visit again. And everyone’s hoping that’s relatively soon.<\/p>\n
Update (4\/1\/20): Before the ink could even dry on its REIT sale, Tropicana is rumored to have been sold for $307.5 million, or $52.5 million less than Penn National Gaming paid five years ago.<\/p>\n<\/body><\/html>\n","protected":false},"excerpt":{"rendered":"
The owner of Tropicana Las Vegas, Penn National Gaming, has sold the casino to its real estate investment trust (REIT), Gaming & Leisure Properties, Inc. Penn National Gaming will continue to operate the resort. Penn National will get $337.5 million in “rent credits” (the equivalent of five months rent) from Gaming & Leisure, its principal […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[23,24,2],"tags":[],"acf":[],"yoast_head":"\n
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![\"Tropicana](\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2015\/04\/tropicana.jpg\")
![\"Penn](\"https:\/\/www.casino.org\/vitalvegas\/wp-content\/uploads\/2020\/03\/penn_national_letter.jpg\")