Onex, partner to sell Las Vegas resort

TORONTO — Penn National Gaming has reached a definitive agreement to buy the Tropicana casino and hotel resort in Las Vegas for $360 million US from a partnership between Alex Yemenidjian and Toronto-based Onex Corp.

Onex Corp. says its portion of the proceeds will be about $50 million US. As of the end of March, Penn National operated 26 facilities in 17 jurisdictions, mostly in the United States. In total, they had 31,000 gaming machines, 759 table games and 3,100 hotel rooms.