Penn National Gaming Inc. (Nasdaq: PENN) is buying the Tropicana Las Vegas Casino Hotel Resort for $360 million, as "Sin City" slowly recovers after being hit hard by the recession.

Tropicana Las Vegas has 1,500 guest rooms, a 50,000 square-foot casino, three restaurants, a performance theater, a comedy club and other amenities. The venue has completed more than $200 million in renovations in the past four years, including updating guest rooms to have a South Beach theme.

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