Tropicana Entertainment sold off in separate deals

Marco Green
April 16, 2018

Icahn bought a stake in Tropicana in 2008 when the casino company was bankrupt, according to a statement from Icahn Enterprises LP. This tremendous financial turnaround would not have been possible without it. "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". Eldorado Resorts will first need to secure regulatory approval and complete other closing conditions. The aggregate consideration of approximately $1.85B will be increased by the amount of the proceeds received in connection with the Aruba disposition after closing and will be further adjusted to pay corporate level taxes. The acquisition deal is expected to be closed in the fourth quarter of the year.

Tom Reeg, President and Chief Financial Officer of Eldorado, added, "This transaction represents yet another step in our ongoing efforts to bring additional scale to our portfolio base while creating new opportunities for growth and value for our shareholders".

Thompson Hine LLP acted as legal advisor to the Company and Jefferies LLC delivered a fairness opinion to the Company's Board of Directors in connection with the transaction. Tropicana intends to dispose of the Aruba resort before closing. The property features 1,088 slot machines, 30 table games, a 12-table poker room and four dining options, including Prime BurgerHouse, the award-winning Buckinghams Steakhouse & Lounge, the Indulge Show Kitchen Buffet and the 24-hour Crave Deli.

About Icahn Enterprises L.P.

Casino companies have embraced REITS since Penn National Gaming Inc. spun off its real estate into Gaming & Leisure in November 2013.

Eldorado owns and operates twenty properties in ten USA states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. GLPI -0.21% for $1.21 billion and merge its gaming and hotel operations into Eldorado Resorts Inc. For more information, please visit www.eldoradoresorts.com. If approved, Gaming and Leisure Properties would own all three of the casino properties in Baton Rouge, including Hollywood Casino. The gaming property is 50% owned by Las Vegas giant MGM Resorts International. GLPI elected to be taxed as a REIT for United States federal income tax purposes commencing with the 2014 taxable year.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. (Nasdaq:GLPI) ("GLPI" or the "Company") today announced that it has entered into a definitive agreement to acquire the real estate assets of six casino properties from Tropicana Entertainment for $1.21 billion, exclusive of taxes and transaction fees of approximately $40.0 million.

The Advocate reports the sale still needs approval from state regulators. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release may not occur. Therefore, you should not rely on any of these forward-looking statements. GLPI undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by law.

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