Penn Obtains Final Approval For $360 Mln Acquisition Of Tropicana Las Vegas

(RTTNews) - Penn National Gaming Inc (PENN) on Thursday said it received approval from the Nevada Gaming Commission ("NGC") to complete the company's planned $360 million acquisition of Tropicana Las Vegas casino hotel resort.

The NGC's approval represents 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 plans to complete the purchase of Tropicana Las Vegas on August 25.

"The addition of Tropicana Las Vegas to our national portfolio of gaming assets is an exciting and important milestone for Penn National as it fulfills our longstanding strategic objective to acquire the right resort at the right price on the Las Vegas Strip. Tropicana Las Vegas will allow us to leverage our database of nearly 3 million active regional gaming customers while further diversifying our operations with another wholly-owned asset," said Timothy Wilmott, Chief Executive Officer of Penn National Gaming.