Gaming & Leisure Properties (NASDAQ:GLPI) has listed Tropicana Las Vegas for sale again at an official asking price: $384 million. The information was provided by real estate web site MyHouseDeals.com.
The real estate and its operating rights both are up for sale for $384 million, which many believe is undervalued. However, after enhancements and refurbishments the value of the property could reach up to $ 500 million.
As per casino.org’s report, this implies that a buyer could walk right into $116 million in equity. Additionally, GLPI hasn’t identified potential buyers for Tropicana. But last year executives from the company said there was plenty of interest. Rest remains to be seen.