The deal helps preserve Penn’s liquidity while its 41 properties are closed during the nationwide shutdowns, bringing revenue streams to a halt.Īs of March 31, the company had about $730 million of cash and cash equivalents, according to the federal documents. 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 $307.5 million. Penn is set to operate the property for two years, according to the documents, or until the land and casino are sold - whichever comes first. GLPI closed the acquisition, first announced last month, on Thursday for $307.5 million in rent credits, which will be applied to existing leases beginning in May. While Penn will control the property in the near-term, operations may be sold off in coming years, according to documents filed Monday with the U.S. (Ellen Schmidt/Las Vegas Review-Journal) National Gaming’s real estate spinoff, Gaming & Leisure Properties Inc., now owns the land under the Tropicana. Showgirls walk outside of Tropicana on Wednesday, Feb.
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