Icahn'' s company strikes approximately $1.85 B Tropicana deal

Image

Henny Ray Abrams/ AP In this March 16, 2010, file picture, investor Carl Icahn poses for photos upon arriving for the annual New York City Authorities Foundation Gala in New York.

Monday, April 16, 2018|7:06 a.m.

ATLANTIC CITY, N.J.– Carl Icahn’s company has struck an approximately $1.85 billion offer that would fuse the video gaming and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc.

. The agreement, announced early Monday, includes the sale of Tropicana Entertainment Inc.’s property to Gaming and Leisure Properties Inc. It doesn’t consist of Tropicana’s Aruba possessions, which will be gotten rid of as a condition to closing.

Icahn Enterprises initially purchased a stake in Tropicana in 2008. The Las Vegas business currently owns and runs 8 casinos and resorts.

Eldorado Resorts is getting the running assets of 7 casinos in six states, consisting of 2 in NevadaРthe Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort & & Health Club in South Lake TahoeРas well as gambling establishments in Indiana (Tropicana Evansville); Louisiana (Belle of Baton Rouge Gambling Establishment & & Hotel); Mississippi (Trop Casino Greenville); Missouri (Lumi̬re Location); and New Jersey (Tropicana Casino and Resort, Atlantic City).

These residential or commercial properties include around 7,900 slots, 265 table video games and 5,400 hotel spaces plus dining, retail and home entertainment features. Upon conclusion of all pending deals, Eldorado’s residential or commercial property portfolio will feature about 26,800 fruit machine and VLTs, more than 800 table video games and over 12,500 hotel spaces.

” The acquisition of 7 Tropicana Home entertainment homes will allow Eldorado to enter two brand-new video gaming jurisdictions and deliver extra monetary and geographic variety to our operating base,” stated business chairman and CEO Gary Carano.

Icahn said that when he got an interest in Tropicana in 2008, it was bankrupt yet underestimated. “By employing a great CEO in Tony Rodio and a terrific management team, and by reinvesting each and every single penny of profits back into the company, we turned Tropicana into a terrific gambling establishment business.”

The offer is targeted to close throughout the 2nd half of the year.

In Atlantic City, Icahn still owns the shuttered previous Trump Plaza Hotel and Gambling establishment, which shut down in 2014.

Leave a Reply

Your email address will not be published. Required fields are marked *