In the US, Penn National has closed in on its $360m purchase of Tropicana Las Vegas, which it plans to market to its database of nearly three million active customers.
Penn borrowed $146.7m in term loans and used $133m on its revolving credit facility to finalise the merger. The company said it will approach the property in two phases.
The first task is to integrate its Marquee player loyalty programme and upgrade the property’s technology, then over three to four years upgrade the physical facility with another hotel tower, additional restaurants, entertainment space and other amenities.
