US casino and racetrack operator Penn National Gaming has entered into an agreement to acquire the Tropicana Las Vegas Casino Hotel in a deal worth $360m, as it looks to create an attractive destination for its regional gaming customers.

Penn National will acquire Tropicana Las Vegas from its shareholders, the largest of which is a partnership between private equity firm Onex and the venue’s chief executive Alex Yemenidjian. It will fund the acquisition through an expansion of its existing credit facilities and cash-on-hand.

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