TORONTO (BRAIN) — Onex Corporation — the parent company of Interbike and Bicycle Retailer — has agreed to sell the Tropicana Las Vegas resort to Penn National Gaming for approximately $360 million. Onex, a private equity firm, is a part owner of the resort and casino. Its portion of the proceeds would be approximately $50 million.
The transaction is expected to close later this year. Penn National operates 26 casinos and hotels around the country, but the Tropicana would be its first on the Las Vegas Strip. Its other Nevada property, The M Resort, is about 12 miles from the Strip.
Onex, based in Toronto, has approximately $21 billion of assets under management. It owns Emerald Expositions, which owns Interbike and the Outdoor Retailer shows. Emerald also owns Bicycle Retailer & Industry News, which is operated under license by NBDA Services.
Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX.
