Canadian private equity firm Onex Corp has completed its sale of Tropicana Las Vegas to Penn National Gaming. The previously-announced transaction was valued at about US$360 million. Net proceeds received by Onex totaled US$230 million. In May 2009, the Toronto-based firm partnered with Alex Yemenidjian to acquire a majority interest in Tropicana Las Vegas for about US$319 million. The company operates a hotel and casino resort in Las Vegas, Nevada.
Onex Completes Sale of Tropicana Las Vegas
Toronto, August 25, 2015 – Onex Corporation (“Onex”) (TSX: OCX) today announced it has completed the sale of Tropicana Las Vegas to Penn National Gaming for $360 million. The Onex Partners III Group received net proceeds of $230 million from the sale, of which Onex’ share was $50 million.
Onex is one of the oldest and most successful private equity firms with offices in Toronto, New York and London. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. The Company has approximately $22 billion of assets under management, including $5.9 billion of Onex capital, in private equity and credit securities. Onex invests its capital through its two investing platforms and is the largest limited partner in each of its private equity funds.
Onex’ businesses have assets of $37 billion, generate annual revenues of $25 billion and employ approximately 207,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.
This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
For further information:
Managing Director – Investor Relations
Photo courtesy of Vegas.com