Despite Carolyn Goodman’s best efforts, Las Vegas remains shut down. Interestingly, property sales are still taking place in this city. News is now coming out the Penn National Gaming has officially completed the sale of the Las Vegas Tropicana.
It’s big news for the Pennsylvania-based gaming company. Today, we’re going to look at the details of this major casino sale. We’ll also check out some of the other venues in Las Vegas that are scheduled to open soon.
Let’s get into it!
Las Vegas Casino Officials Call for Restrictions to be Lifted
Things are still very tough in Las Vegas. Back in March, Governor Steve Sisolak began ordering all non-essential businesses in the state to close their doors. This includes casinos. As a result of these regulations, Las Vegas is at a standstill.
None of the casinos in this city are able to operate right now. Many of them are losing millions of dollars every single day. The closing of these casinos has also caused the tourism industry in Las Vegas to completely shut down.
It was unclear how much of an issue this would become. Some analysts predicted these regulations would only be in place for a few weeks. It’s been more than a month since casinos in the state were closed down, however, and Governor Sisolak seems unwilling to make any changes.
Some major casino officials are now voicing their opinions. Last week, Wynn Resorts CEO Matt Maddox gave some ideas for how casinos in Las Vegas can reopen. This includes implementing social distancing measures in casinos and requiring table dealers to wear masks.
No one really knows how long the regulations in Nevada will last. It’s clear that many companies are suffering, yet state officials are trying to avoid a major loss of life. Even with the regulations set in place, some companies are still managing to acquire new properties in Las Vegas.
Penn National Gaming Has Sold Las Vegas Tropicana
Penn National Gaming purchased the Las Vegas Tropicana Hotel & Casino back in 2015. As the coronavirus began affecting Las Vegas, company officials began discussing plans to sell this venue. In late March, Penn Gaming announced it had reached a new agreement with Gaming & Leisure Properties, the landlord of this property.
Under the agreement, Penn National Gaming will sell this venue for $337.5 million worth of rent credits. The company is looking for ways to cut down on costs while the current regulations are in place.
This week, this property sale was finalized. Gaming & Leisure Properties now owns the land this historic hotel-casino sits on. Penn National Gaming CEO Jay Snowden commented on the company’s plans to the media this week.
“We believe that these collective steps will allow us to successfully weather the state-mandated closures related to the COVID-19 crisis,” Snowden said.
It’s not much of a surprise. Penn National Gaming is looking for ways to save money after investing hundreds of millions into Barstool Sports. Hopefully, this new strategy is able to help the company through this crisis.
Construction Continues on Las Vegas Casino-Resorts
It’s been more than a month since all of the casinos in Nevada were forced to close down. As we’ve already mentioned, this is costing many companies millions of dollars. Unless things change quickly, some of the casinos in this state may be forced to permanently close their doors.
To the surprise of many, construction has been allowed to continue on several major casino-resorts. This includes work on Resorts World Las Vegas. This is the most expensive casino-resort ever built and many expect it to be the most impressive venue ever built in Las Vegas.
Some of these construction projects are facing difficulties, though. A recent report claims that a builder at Circa Las Vegas recently tested positive for the new coronavirus. As a result, owners of this venue are setting new guidelines for construction workers.
It’s unclear if any new work will be done on the Las Vegas Tropicana. Most feel it’s unlikely under the current regulatory situation.
Some experts claim that more major property sales are likely to take place over the next few months.
Are you surprised to see Penn National Gaming sell the Las Vegas Tropicana? Let us know in the comments section below.