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Penn National Gaming Obtains Final Regulatory Approval for $360 Million Tropicana Las Vegas Casino Hotel Resort Transaction

WYOMISSING, Pa.--(BUSINESS WIRE)--Penn National Gaming, Inc. (PENN: Nasdaq) (“the Company,” or “Penn National”) announced that it received approval today from the Nevada Gaming Commission (“NGC”) to complete the Company’s planned $360 million acquisition of Tropicana Las Vegas. The NGC’s approval represents the final step in the regulatory process to finance and acquire the property following earlier approvals in several other jurisdictions where the Company operates. Penn National plans to complete the purchase of Tropicana Las Vegas on August 25, 2015.

“The addition of Tropicana Las Vegas to our national portfolio of gaming assets is an exciting and important milestone for Penn National as it fulfills our longstanding strategic objective to acquire the right resort at the right price on the Las Vegas Strip. Tropicana Las Vegas will allow us to leverage our database of nearly 3 million active regional gaming customers while further diversifying our operations with another wholly-owned asset,” said Timothy Wilmott, Chief Executive Officer of Penn National Gaming. “Our regional gaming customers have long asked us to offer them an attractive destination on the Las Vegas Strip. After our disciplined search, we believe the iconic Tropicana Las Vegas will successfully address customer demand for a Strip property while enhancing our already strong competitive position in the local markets where we operate. Furthermore, the Tropicana Las Vegas is ideally suited to benefit from significant investment at adjacent gaming properties which is expected to generate additional traffic in the area.”

Tropicana Las Vegas is situated on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, approximately 2.5 miles from McCarran International Airport at the southern end of the Las Vegas Strip. The property has undergone over $200 million of upgrades over the past four years, including renovations of all its nearly 1,500 guest rooms. Other amenities include a 50,000 square foot casino with over 1,000 gaming positions, a sports book, three full service restaurants, a food court, a 1,200-seat performance theater, the 300 seat Laugh Factory comedy club, over 100,000 square...