Penn National Gaming, which owns the Tropicana Las Vegas, announced that beginning April 1, it will furlough 26,000 workers companywide as the gaming industry struggles to survive the COVID-19 pandemic.
The company also reached an agreement with its landlord, Gaming & Leisure Properties, to sell the famed Las Vegas Strip hotel-casino for $337.5 million in rent credits, which it intends to use to mitigate the crisis.
Penn National temporarily closed Tropicana Las Vegas—as well as 40 other properties in its portfolio—as part of a nationwide effort to reduce the spread of the virus. At the time, company leadership said it would pay employees full wages and benefits through March 31.
In a statement announcing the pending furloughs, Penn National Gaming President and Chief Executive Officer Jay Snowden said medical benefits would be maintained through June 30. Additionally, the company has established a relief fund for its employees, which had already raised more than $1.2 million.
Nevada’s 30-day shutdown of non-essential businesses is set to end on April 16, however it’s possible the shutdown could be extended as the number of infected residents continues to rise.