Canadian private equity firm Onex Corp has agreed to sell Tropicana Las Vegas to Penn National Gaming Inc, a U.S. operator of casinos and racetracks. The transaction’s value is about US$360 million, of which Onex will take about US$50 million. The deal is expected to close later this year. In 2009, Onex partnered with Alex Yemenidjian in buying a majority stake in Tropicana Las Vegas, which operates a hotel and casino resort in Las Vegas, Nevada. According to a Reuters report at the time, the company had recently emerged from bankruptcy protection.
Onex to Sell Tropicana Las Vegas
TORONTO, ONTARIO–(Marketwired – April 29, 2015) –
Onex Corporation (“Onex”) (TSX:OCX) and its affiliates today announced they have agreed to sell Tropicana Las Vegas to Penn National Gaming for approximately $360 million. Onex’ portion of the proceeds would be approximately $50 million. The transaction is expected to close later this year and is subject to customary closing conditions including regulatory approval.
“We are pleased to have partnered with Alex Yemenidjian and thank him and his team for the great efforts and commitment they made in revitalizing the Tropicana Las Vegas,” said Timothy Duncanson, a Managing Director of Onex.
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 $21 billion of assets under management, including $6.0 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 $29 billion, generate annual revenues of $21 billion and employ approximately 192,000 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.
Managing Director – Investor Relations
Photo courtesy of Onex Corp