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 $307.5m. GLPI acquired the Tropicana from Penn National for $307.5m in rent credits, which will be applied to existing leases beginning in May. Nevertheless, the Pennsylvania-based REIT said it still intends to conduct a sale process for the 1,500-room casino resort and its 34- acre site. Penn National will continue to operate the Strip resort once the property reopens, under a two-year lease agreement with GLPI. Real estate investment trust Gaming and Leisure Properties completed its purchase of the Tropicana Las Vegas Casino Hotel Resort from Penn National Gaming on 16 April. The Pennsylvania-based real estate investment trust has said it plans to put the property on the market. Penn National has sold the Tropicana Las Vegas to Gaming and Leisure Properties for $307.5m in rent credits.
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