“With all of our 41 properties in 19 states temporarily shuttered, like many others in the gaming and hospitality sector, we are making difficult decisions to help preserve our liquidity and ensure a brighter future for our company’s team members, customers, shareholders and other key stakeholders,” he said. “As the global COVID-19 health crisis continues to evolve, we are navigating through this unprecedented time for our company, our industry and our nation,” Jay Snowden, president and CEO of Penn National, said in a release. Penn also announced that it is selling the real estate assets of the Tropicana and a new ground lease for a planned casino in Morgantown, Pennsylvania, to its real estate spinoff, Gaming & Leisure Properties, for $337.5 million in rent credits. The company has 3,200 employees in the state. Penn National Gaming, operator of the Tropicana and the M Resort, will furlough its 26,000 employees nationwide beginning Wednesday, the company reported Friday.
The Tropicana resort in Las Vegas (Las Vegas Review-Journal)
