2019 was the year that saw several casinos in the United States changed hands. MGM International Resorts sold off some of its properties while Eldorado Resorts and Caesars Entertainment came together in a merger.
Even though most of these transactions had not been completed by the time the year came to a close, analysts were already predicting that even more mergers and property shuffling were set to take place in 2020. The year has merely begun, and it seems the predictions are already taking ground.
Now, according to a detailed news article featured at CalvinAyre.com is that Tropicana Las Vegas might the first property to change hands this year. In fact, in particular, it seems Penn National has finally received a bid, which caught its attention and this could evolve to the topic of much greater interest to them.
From a different perspective or in precise according to a local press, Vital Vegas, Penn National has been receiving a bid on the property since last year, but it was not yet ready to make a deal. It is rumored that one of the bids has been accepted and the transaction is currently underway.
More from reliable sources on this story are that the property will change hands at a cost of $700 million, which most people find okay. This will be a huge return for Penn National which purchased the property at $360 million from Onex Corporation five years ago. The money will also go a long way in helping settle its huge outstanding debt which is currently at $11 billion.
As is the norm, Penn National has not offered any details to the transaction nor confirmed whether or not the rumors are true. Casino.org tried to get some information from the company, but its SVP for Public Affairs responded saying that they are not able to comment on the rumors.
This year is expected to be better for the gaming industry than in 2019.
Gaming analysts and experts are predicting a huge buzz of activity in Las Vegas as the year continues. A gaming attorney, with many years’ experience in the gaming industry of Las Vegas, commented in the Las Vegas Business Press (LVBP) that he has more hope in the year 2020 than he had in the previous years. Schreck further explained that in 2017 things started getting back to normal with things improving a little more in 2018. 2019 brought back the industry to where it was in 2007.
The comment is somewhat controversial as the LVBP is owned by the Las Vegas Review-Journal, which is owned by the owner of Las Vegas Sands, Sheldon Adelson. However, Schreck is not the only one predicting good things for the gaming industry.
A senior research analyst at the Nevada Gaming Control has also been quoted saying that good things for the industry are coming. Lawton predicts that the gross gaming revenue will have increased by 1-1.5 percent by the end of 2020.
