Penn in late March also formed and negotiated with an affiliated real estate investment trust, Gaming & Leisure Properties, to sell the Tropicana’s real estate assets and develop a new ground lease for its Morgantown, Pennsylvania, casino in exchange for $337.5 million in rent credits. Since the closure, Penn has donated 45 tons of perishable food items to food banks and relief organizations in the cities in which they operate. ![]() A COVID-19 relief fund for employees was established. The operator of the Tropicana on the Strip, M Resort in Henderson and Cactus Pete’s in Jackpot paid the company’s 26,000 employees nationwide - 3,200 in Nevada - through the end of March, but furloughed them April 1.Įxecutive pay was reduced and the board of directors opted to forgo its compensation. That translated to a $5.26 loss per share for the quarter that ended March 31, compared with 36 cents-per-share earnings a year earlier.
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