Canadian private equity firm Onex Corp has agreed to sell hotel and casino Tropicana Las Vegas to Penn National Gaming for about $360 million, the firm announced today.
The deal is expected to be completed later this year.
As a result of the transaction, Onex is expected to pocket about $50 million in proceeds.
In July 2009, Onex announced that it had acquired a majority stake in Tropicana Las Vegas after it emerged from bankruptcy. Onex said it planned to spend $75 million to upgrade the 1,850-room hotel and casino, Reuters News reported at the time.
Photo courtesy of Reuters.