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Onex to sell Tropicana Las Vegas for about $360 mln

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