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Penn Agrees to Buy Tropicana Las Vegas for $360 Million

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Penn National Gaming Inc. agreed to buy the Tropicana Las Vegas Casino Hotel Resort for $360 million, giving the casino and racetrack operator its first property on the Strip.

Penn National, based in Wyomissing, Pennsylvania, will use existing cash and an expansion of its credit lines to buy the Tropicana from Onex Corp., a Toronto-based private equity firm, according to a statement Wednesday.