US casino and racetrack operator Penn National Gaming has entered into a definitive agreement to acquire the Tropicana Las Vegas Casino and Hotel for $360 million (€323.5 million). Penn said that it intends to fund the acquisition of the Nevada land-based facility through an expansion of its existing credit facilities and cash in hand. Located on a 35-acre land parcel at the corner of Tropicana Boulevard and Las Vegas Boulevard, the Tropicana boasts a 50,000 square foot casino as well as more than 1,000 gaming positions and a sports book. The transaction and credit facility expansions remain subject to regulatory…

Penn National Gaming, which owns M Resort, is again looking at the Strip for possible expansion opportunities. During a conference call Thursday with analysts to discuss the casino operator’s first quarter earnings, Penn National CEO Tim Wilmott was asked about reports that Australian casino company Crown International was interested in buying the Cosmopolitan of Las Vegas for $2 billion. Wilmott said he thought the figure “sounded high.” If Penn were to get into the bidding for the Strip resort, which owner Deutsche Bank reportedly wants to sell, it would probably be with a partner. Wilmott added that Penn is “not…

From iGaming Business – Pool and tote sportsbetting supplier Sportech has announced that its Sportech Racing LLC subsidiary has signed a six-year contract with American racetrack operator Penn National Gaming Incorporated. London-based Sportech stated that its American subsidiary will now provide Penn National Gaming with ‘betting technology and associated services’ across nine states via up to eleven racetrack properties, five off-track wagering venues and an Internet and telephone service while the initial agreement also contains a pair of one-year extensions. “We are delighted to have secured this long-term contract with Penn National Gaming, the largest racetrack and associated betting facility…