M&A Deal Summary

Gaming & Leisure Properties Acquires Tropicana Las Vegas

On April 16, 2020, Gaming & Leisure Properties acquired leisure company Tropicana Las Vegas from PENN Entertainment for 308M USD

Acquisition Highlights
  • This is Gaming & Leisure Properties’ 1st transaction in the Leisure sector.
  • This is Gaming & Leisure Properties’ 4th largest (disclosed) transaction.
  • This is Gaming & Leisure Properties’ 3rd transaction in the United States.
  • This is Gaming & Leisure Properties’ 1st transaction in Nevada.
Investment Fate
  • Tropicana Las Vegas was divested to a consortium of strategic buyers in 2021 for 308M USD.

M&A Deal Summary
Date 2020-04-16
Target Tropicana Las Vegas
Sector Leisure
Buyer(s) Gaming & Leisure Properties
Sellers(s) PENN Entertainment
Deal Type Divestiture
Deal Value 308M USD

Target

Tropicana Las Vegas

Las Vegas, Nevada, United States
website
Tropicana Las Vegas is an operator of Hotel and Casino that boasts stylish rooms, suites, and luxury villas, complete with acclaimed restaurants, premier entertainment options, and a 50,000-square-foot casino. The resort redefines the expectations of today's global travelers by providing a casually elegant experience on The Strip, all with a South Beach rhythm and vibe. The property also features Glow® a Mandara Spa and fitness center, Laugh Factory Comedy Club, Trago Lounge, and restaurants such as Robert Irvine’s Public House, Bacio Breakfast, Oakville Steakhouse, Barista Café, Fresh Mix, South Beach Food Court, and Savor Brunch Buffet. Tropicana Las Vegas is based in Las Vegas, Nevada.

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Buyer(S) 1

Buyer

Gaming & Leisure Properties

Wyomissing, Pennsylvania, United States

website

Category Company
Sector Real Estate
Employees560
Revenue 1.2B USD (2020)
DESCRIPTION

Gaming & Leisure Properties is a real estate company. GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in "triple net" lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.

DEAL STATS #
Overall 3 of 7
Sector (Leisure) 1 of 5
Type (Divestiture) 3 of 7
State (Nevada) 1 of 1
Country (United States) 3 of 7
Year (2020) 1 of 3
Size (of disclosed) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-28 Pinnacle Entertainment - Real Estate Assets

United States

Pinnacle Entertainment, Inc. - Real Estate Assets includes entertainment center.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-27 Dover Downs Hotel & Casino

Dover, Delaware, United States

Dover Downs Hotel & Casino is a luxurious 4 Diamond hotel and casino offering a variety of entertainment, dining, horse racing, table games, poker, and slots. Dover Downs Hotel & Casino is based in Dover, Delaware.

Buy $340M

Seller(S) 1

SELLER

PENN Entertainment

Wyomissing, Pennsylvania, United States

website

Category Company
Founded 1972
Sector Gaming
Employees18,321
Revenue 6.4B USD (2022)
DESCRIPTION

PENN Entertainment owns, operates and has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. PENN Entertainment was founded in 1972 and is based in Wyomissing, Pennsylvania.

DEAL STATS #
Overall 2 of 3
Sector (Leisure) 2 of 2
Type (Divestiture) 2 of 2
State (Nevada) 1 of 1
Country (United States) 2 of 3
Year (2020) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-20 Barstool Sports

New York, New York, United States

Barstool Sports is a sports, lifestyle, and entertainment media brand on the internet. The company creates innovative, comedic content with massive distribution on multiple platforms, including podcasts, videos, social, live events, pay-per-view, and subscriptions. Barstool Sports was founded in 2004 and is based in New York City.

Buy $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-01 Hollywood Casino Perryville

Perryville, Maryland, United States

Hollywood Casino Perryville offers Vegas-style gaming vibes in a friendly community atmosphere. Hollywood Casino Perryville is based in Perryville, Maryland.

Buy $31M
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