LAUGHLIN — Tropicana Entertainment Inc. has entered into an agreement to sell its U.S. real estate to Gaming and Leisure Properties, Inc., and to merge its gaming and hotel operations into Eldorado Resorts, Inc.
The sale, which includes the Tropicana Laughlin, is worth approximately $1.85 billion according to Tropicana Entertainment Inc. The deal does not include Tropicana’s Aruba assets but does include properties in Nevada, Indiana, Mississippi, Missouri, Louisiana and New Jersey.
Icahn Enterprises, owned by Carl Icahn, initially bought a stake in Tropicana in 2008. The Las Vegas company currently owns and runs eight casinos and resorts.
Tony Rodio, President and CEO of Tropicana, stated: “I am incredibly proud of what the entire Tropicana team has been able to accomplish over the past 8 years, taking Tropicana from bankruptcy to one of the industry’s true success stories. I would like to thank Carl Icahn, Icahn Enterprises and the Tropicana Board of Directors for their personal support, financial commitment and the confidence that they have shown in Tropicana’s management. This tremendous financial turnaround would not have been possible without it. Through their commitment and investment, Tropicana has been able to construct new casinos in Evansville, Ind., and Greenville, Miss., 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. I would also like to thank the thousands of Tropicana team members whose hard work, dedication, and commitment to excellence also played a huge part in our accomplishment.”
The transaction is expected to close in the second half of 2018, subject to receipt of required gaming approvals, termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. The transaction is not subject to any financing condition.