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Penn National Gaming Announces They’re Selling the Real Estate of the Tropicana Resort; Will Furlough 26K Employees

The real estate of a famous resort in Las Vegas is now being sold.

According to KTNV Las Vegas, Penn National Gaming made an announcement last Friday that they sold the real estate assets of the Tropicana Las Vegas Resort to lighten the financial burden resulted from the Coronavirus (COVID-19) outbreak.

Those assets are being sold towards a casino and a new ground lease in Morgantown, Pa., to Gaming and Leisure Properties for $337.5 million in rent credits.

KTNV also said in their story that Penn National will continue to pay their employees full wages and benefits through March 31.

The company will also be carrying out furloughs to nearly 26,000 of their team members country-wide starting April 1.

Penn National is expected to provide an announcement regarding their first quarter earnings on May 7.

Feel free to click here to view KTNV’s full story on the sale of the resort area.

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