Icahn Enterprises Selling Tropicana Entertainment for $1.85 Billion

Icahn Enterprises Selling Tropicana Entertainment for $1.85 Billion

Gaming and Leisure Properties, a company that owns 37 casinos in the US, will add to its portfolio by acquiring almost all of Tropicana Entertainment's real estate, except the MontBleu and the Tropicana Aruba, for $1.21 billion.

He credited a strong management team led by CEO Tony Rodio and a strategy of "reinvesting every single penny of profits back into the company" for helping Tropicana get back on its feet.

Billionaire activist investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014. The company said it intends to dispose of the Tropicana Aruba before closing.

The deal is expected to close in the second half of 2018 and does not include any financing conditions, Icahn Enterprises said. Eldorado is acquiring the operating assets of seven casinos in six states, including two in Nevada.

This is a developing story.

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The $1.85 million deal also included the sale of Tropicana Real Estate, including the Atlantic City property, to Gaming and Leisure Properties Incorporated.

Eldorado estimates its expanded portfolio after the deal will include almost 27,000 slot machines and video lottery terminals, 800 table games, and 12,500 hotel rooms. Through their commitment and investment, Tropicana has been able to construct new casinos in Evansville, Indiana and Greenville, Mississippi and substantially renovate our other properties, including, most significantly, Tropicana Atlantic City, creating new employment opportunities and hundreds of temporary construction jobs in the process since our operations began in 2010.

The billionaire investor had reinvested more than $200 million into the Atlantic City property, insiders say, and Tropicana Atlantic City expanded into the nearby boutique hotel The Chelsea a year ago.

Gary Carano, Chairman and Chief Executive Officer of Eldorado, commented, "With our proposed acquisition of Tropicana Entertainment, Eldorado Resorts is yet again pursuing a large transaction that is expected to be accretive, further increase the scale of our regional gaming platform and drive free cash flow growth". Overall, the Tropicana portfolio is in good shape and we have no immediate significant capex plans for the properties. Gambling has been legal in Atlantic City, one of the few such cities in the United States, since the first casino opened in 1978.

Earlier it announced that it would also acquire the Grand Victoria Casino in Elgin, Illinois for $327.5 million in cash.

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