Days before this weekend’s fight between Floyd Mayweather and Manny Pacquiao at the MGM Grand, there’s another Las Vegas hotel in the news: Tropicana Las Vegas Casino Hotel Resort. The property is changing hands for $360 million, according to an April 29 announcement. The buyer is Penn National Gaming Inc. Tropicana Las Vegas is backed by Canadian private equity firm Onex Corp., which said it will receive approximately $50 million in proceeds from the transaction. Onex, together with former MGM Mirage president Alex Yemenidjian acquired a majority stake in Tropicana Las Vegas after the property emerged from bankruptcy protection in July 2009. Tropicana Las Vegas sits on the southern end of the Las Vegas Strip, across from the Excalibur and from MGM Resorts properties. Tropicana has close to 1,500 guest rooms and also has a 50,000 square foot casino, a sports book, three restaurants, a food court and a performance theater. It also has a comedy club, more than 100,000 square feet of exhibition and meeting space and a five-acre tropical beach event area and spa.
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