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” from Gaming & Leisure. The Trop has a history of drama, and this qualifies as that. For comparison purposes, MGM Resorts pays $292 million a year in rent to Blackstone Real Estate for Mandalay Bay and MGM Grand. A sale of Tropicana has long been rumored. […]
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