Is The Tropicana For Sale? A Deal Could Reportedly Come In 2020

The famed Tropicana casino and hotel on the Las Vegas strip may have a new owner in 2020, according to a series of reports.

Three sources for Vital Vegas said a sale of the Tropicana is “imminent” while owners of the property, Penn National, indicated during the company’s Q3 earnings call that it had received “unsolicited interest” in the property.

While at the time, Penn National did not indicate who the potential bidders were, but did say that the Tropicana had “valuable assets” that weren’t necessarily reflected in its stock price.

Penn National (PENN) bought the Tropicana in August 2015 in a $360 million deal, which is now reportedly expected to bring in around $700 million in a sale – roughly $20 million an acre, Casino.org reported. This would minimize Penn National’s long-term debt of $11 billion, the news outlet said.

According to the news outlet, potential rumored interest in the Tropicana has come from Boyd Gaming, Monarch Casino & Resort, and Twin River Worldwide Holdings as well as others.

The sale of the Tropicana follows a string of Las Vegas Strip casinos that have been sold over the last year, including the Rio Las Vegas, Circus Circus, and the Bellagio.

Shares of Penn National were down 0.80% as of 3:53 p.m. EST on Friday.