Milbank, Tweed, Hadley and McCloy LLP is advising Penn National Gaming (NASDAQ: PENN) in its acquisition of the iconic Tropicana Las Vegas Casino Hotel Resort. Valued at $360 million, the transaction is expected to close by the end of the year.
Tropicana Las Vegas will be Penn National Gaming’s first property on the Las Vegas Strip, satisfying one of the company’s long-term strategic objectives. Over the past four years, Tropicana Las Vegas invested more than $200 million in property upgrades, including a renovation of all 1,500 guest rooms, the ballroom, conference space and pavilion, 1,200-seat theater, restaurant and entertainment areas, as well as its infrastructure and mechanical systems. Spread out on a 35-acre parcel, Tropicana Las Vegas garnered several awards in the Las Vegas Review Journal’s 2015 Best of Las Vegas survey, including Best Hotel Rooms, Best Hotel Suites and Best Hotel Value.
The Milbank team advising Penn National Gaming is led by corporate special counsel Scott Golenbock and also includes partner Matt Ahrens and associates Aaron Stine and James Ebberson of the corporate group practice, tax group partner Manan (Mike) Shah, special counsel Drew Batkin and associates Nicholas DeLuca and Robin Heszkel, financial restructuring group special counsel Brian Kinney, and antitrust partner Fiona Schaeffer.
About Milbank
Milbank, Tweed, Hadley & McCloy is a leading international law firm that has been providing innovative legal solutions to clients throughout the world for nearly 150 years. Milbank is headquartered in New York and has offices in Beijing, Frankfurt, Hong Kong, London, Los Angeles, Munich, São Paulo, Seoul, Singapore, Tokyo and Washington, DC.
The firm’s lawyers provide a full range of legal services to the world’s leading commercial, financial and industrial enterprises, as well as to institutions, individuals and governments. Milbank’s lawyers meet the needs of its clients by offering a highly integrated and collaborative range of services across key practice groups throughout its global network. Milbank’s integrated practice is underpinned by its attorneys’ acknowledged technical excellence, sectorial experience and a strong tradition of innovation and client service.
