PENN stock news for Thursday includes rumors that the Tropicana Las Vegas is up for sale by Penn National Gaming (NASDAQ:PENN).
According to this recent PENN stock news, Penn National Gaming is getting close to completing the sale of the Tropicana Las Vegas casino. While an exact timeframe isn’t mentioned, sources claim that the sale is going to take place soon.
These sources say that Penn National Gaming has already accepted an offer for the Las Vega casino and is moving forward with plans to close on the deal. If true, it shouldn’t be long before an official announcement comes out from the company.
The finer details of the deal are still unknown. However, we do know that predictions claim a sale of the Tropicana Las Vegas could land somewhere in the $700 million range. That’s not too bad considering PENN bought the location in 2015 for $360 million, reports Vital Vegas.
The idea that Penn National Gaming is selling the Tropicana Las Vegas casino makes sense. The company had already mentioned that offers were being made for the business. At the time, all leaders would say is that a sale wasn’t imminent. It appears that has changed with this recent PENN stock news.
Tropicana is an iconic casino in Las Vegas that has been in operation since 1957. The building is located right on the Las Vegas Strip and has appeared in several films.
PENN stock was up 1.35% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.