Penn is set to operate the property for two years, according to the documents, or until the land and casino are sold - whichever comes first. GLPI closed the acquisition, first announced last month, on Thursday for $307.5 million in rent credits, which will be applied to existing leases beginning in May. While Penn will control the property in the near-term, operations may be sold off in coming years, according to documents filed Monday with the U.S. (Ellen Schmidt/Las Vegas Review-Journal) National Gaming’s real estate spinoff, Gaming & Leisure Properties Inc., now owns the land under the Tropicana. Showgirls walk outside of Tropicana on Wednesday, Feb.
