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\tBy Howard Stutz
\n\tLas Vegas Review-Journal
\n\tRegional casino operator Penn National Gaming said Thursday it will launch a development plan for the Tropicana Las Vegas that would take three to five years to implement.<\/p>\n
\tThe company announced in April it was acquiring the Strip resort for $360 million and the transaction is expected to close by the end of the year. Penn said the initial phase of the program would cost $20 million and include a technology upgrade to implement Penn’s player rewards system.<\/p>\n
\tPenn said it would also evaluate expanding the property’s retail offerings, food and beverage outlets, and entertainment. The company would also consider expanding the hotel.<\/p>\n
\tPenn discussed the Tropicana during the company’s second quarter earnings announcement.<\/p>\n
\tPenn said it was increasing the budget for its Hollywood Casino Jamul in San Diego to by $30 million to $390 million. The resort is expected to open next year. Penn has a seven-year management contract with the Jamul Indian Village for the casino that pays the company 30 percent of pre-tax profits and a 1.5 percent licensing fee for the Hollywood name.<\/p>\n
\tPenn quadrupled its net income for the quarter that ended June 30 to $16.9 million, or 19 cents per share. Total revenue grew 7 percent in the quarter to $701 million.<\/p>\n