Pending Acquisition

6 Months Ended

Jun. 30, 2015

Pending Acquisition

Pending Acquisition

5.  Pending Acquisition

On April 29, 2015, the Company announced that it entered into a definitive agreement to acquire the Tropicana Las Vegas Hotel and Casino for approximately $360 million.  We believe the planned acquisition will fulfill an important long-term strategic objective of establishing a presence on the Las Vegas Strip.  The Tropicana Las Vegas is a quality facility situated on 35 acres of land located on the Las Vegas Strip with 1,467 remodeled guest rooms and suites, a 50,000 square foot casino gaming floor featuring 844 slot and video poker machines and 38 table games including blackjack, mini-baccarat, craps and roulette, three full-service restaurants, a 1,200 seat performance theater, a 300 seat comedy club, a nightclub, beach club and 2,950 parking spaces.  The transaction is subject to customary closing conditions and regulatory approvals.  The purchase price will be funded by revolving commitments under the Company’s existing senior secured credit facility and approximately $280 million of incremental commitments under an amended senior secured credit facility.  The acquisition is expected to close later this year, subject to the timing of regulatory approvals and other closing conditions.