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Iconic Las Vegas hotel and casino to be sold for $360M

NEW YORK - The Tropicana hotel and casino in Las Vegas is being sold for $360 million.

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A general view of the Tropicana Resort & Casino May 5, 2008 in Las Vegas, Nevada. Casino operator Tropicana Entertainment LLC filed for Chapter 11 bankruptcy protection following a missed interest payment on a USD 1.32 billion loan. (Photo by Ethan Miller/Getty Images) Getty Images, Ethan Miller

A group of shareholders, including private equity firm Onex Corp., say they will sell the 58-year-old Tropicana to the casino operator Penn National Gaming Inc.

Over the past four years, the Tropicana has spent $200 million to renovate its 1,500 hotel rooms. The Tropicana also has a comedy club, a theater and more than 100,000 square feet of meeting space.

The deal will give Penn National its first property on the Las Vegas Strip. The company, based in Wyomissing, Pennsylvania, operates 26 casinos and hotels around the country. Its other Nevada property, The M Resort, is about 12 miles from the Las Vegas Strip.

The deal is expected to close later this year.