Penn National will buy the Tropicana Las Vegas for $360 million, in a deal that will close in stages over a period of two years. This deal will give Penn a long sought presence on the Las Vegas strip, and another property to potentially roll into GLPI. Penn can also use Tropicana to built its new nation wide loyalty program. Tropicana is an under-performing resort in the south end of the strip, which could use the help of a more experienced operator. Tropicana has a lot of potential and a strategic operator will leverage its strengths and make a some capital light investments that will add value. Its being reported that Onex will receive about $50 million from this transaction.