![]() ![]() If completed in the second year, the casino operator will receive half the proceeds over the same basis. If a sale is made in the first year, Penn is set to receive 75 percent of the net proceeds above $307.5 million. Penn is set to operate the property for two years, according to the documents, or until the land and casino are sold - whichever comes first. ![]() GLPI closed the acquisition, first announced last month, on Thursday for $307.5 million in rent credits, which will be applied to existing leases beginning in May. While Penn will control the property in the near-term, operations may be sold off in coming years, according to documents filed Monday with the U.S. (Ellen Schmidt/Las Vegas Review-Journal) National Gaming’s real estate spinoff, Gaming & Leisure Properties Inc., now owns the land under the Tropicana. Showgirls walk outside of Tropicana on Wednesday, Feb. ![]()
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