Icahn reaches deal to sell Tropicana Entertainment

17 April, 2018, 19:17 | Author: Wade Massey
  • Icahn reaches deal to sell Tropicana Entertainment

Billionaire investor Carl Icahn is selling his Tropicana Entertainment casino empire.

Eldorado Resorts is buying nearly all the assets from Tropicana Entertainment Incorporated, in an acquisition worth $1.85 billion.

Tropicana operates casino and entertainment properties in the US, including its flagship Tropicana Atlantic City, and a casino-resort in Aruba.

Widely known for his activist investing and his past business ties to fellow casino baron Donald Trump, Icahn claimed credit for rehabilitating Tropicana since first backing the company in 2008.

"We identified this undervalued asset as being a ideal situation to deploy our modus operandi, by which we seek to acquire undervalued assets, nurture, guide and improve their condition and operations, and to ultimately greatly enhance value for all shareholders", Icahn said.

Tropicana President and CEO Tony Rodio said in the release "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 success stories".

Intraday Mover - NVIDIA Corporation (NVDA)
This organization's stock showed a trading volume of 12.54 million shares, compared to its average daily volume of 16.96M shares. Institutional investors and hedge funds own 85.00% of the company's stock. 151 funds opened positions while 383 raised stakes.


Canada recalls diplomats' families from Cuba amid reports of mysterious illness
Cuba will be designated an unaccompanied post , putting it on par with Iraq and Afghanistan in terms of risk for families. A report by a Canadian medical specialist says that a new type of brain injury may be the cause of a mysterious illness.


Earnings Analysis Of UBS Group AG
The company's Perf Half Y was isolated optimistically of 1.98% whereas Perf Year was settled at 15.34% and Perf YTD was by -4.73%. As a potential investor, you will also want to being looking at earnings per share and whether or not is has sustained or grown.


The company reached a deal to sell Tropicana's real estate to Gaming and Leisure Properties Inc. With this acquisition, it adds seven properties from Tropicana in six different states, including two in Nevada: the Montbleu in South Lake Tahoe and the Tropicana in Laughlin. This tremendous financial turnaround would not have been possible without it.

Eldorado will acquire the operating assets of these properties and lease the real estate from Gaming and Leisure Properties through a new master lease with a 15 year initial term and four 5 year renewal periods.

The companies expect the deals to close in the second half of the year, subject to necessary approvals. The purchase also doesn't include the Tropicana property in Aruba. The company said the "Tropicana portfolio is in good shape and we have no immediate significant capex plans acquired properties".

Eldorado Resorts said the acquisitions will allow the company to enter two new gaming jurisdictions.

Atlantic City, UNITED STATES: The Tropicana Casino and Resort in Atlantic City in Atlantic City, New Jersey, is pictured 24 May 2007, next to derelict streets.

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

Recommended:



Popular

Toyota To Start Deploying Vehicle-To-Vehicle Tech In 2021
The technology sends information back and forth from a auto to another vehicle or infrastructure several times a second. This information can be used by other DSRC-enabled vehicles and devices to help drivers prevent collisions.

US Warns of New Syrian Attack If Chemical Weapons Used Again
The Western states have accused forces of Syrian President Bashar Assad of an attack with the use of chemical weapons in Duma. President Trump said the strikes were necessary to prevent chemical weapons from being used on innocent Syrians again.

Two EF-1 Tornadoes Confirmed in Johnson and Franklin Counties
Miller said about six or seven structures experienced some damage, mostly minor except for one home that had a tree fall on it. The NWS has the final say on whether or not the damage was tornadic in nature or was done by straight-line winds.

Facebook Slapped with Lawsuit Over Facial Recognition Tech
Facebook might think it's facing enough problems right now, but the company's about to run into another privacy-related headache. A California judge on Monday gave the green light to a three-year-old case claiming the social network violated IL law.

Dark Souls Remastered delayed for Nintendo Swich
Hopefully it's not so serious that we have to wait several months before we get to play Dark Souls on the move. Dark Souls Remastered will release later than anticipated on Nintendo Switch , as confirmed today.

New patent reveals Samsung too wants Apple iPhone X's notch
Additionally, it also doesn't feature a front-facing selfie shooter and there's no indication of where it might be hiding. With Samsung filing this patent, it doesn't necessarily mean that this Galaxy phone will become an actual product.

After Texture Acquisition, Apple's Prepping News Subscription Service
At the time , Beats Music had fewer than a million subscribers, and Apple has turned that into more than 40 million paying users. Texture is a kind of Netflix for magazines, which provides access to around 200 publications for $9.99 per month.

Five-option survey for Ulster fans to have say on Jackson/Olding decision
In a statement to Extra.ie, French champions Clermont Auvergne said: 'There is no contact between Paddy Jackson and the club. When asked to comment on the Olding move Hunter said, "I can tell you what I know is nothing".

NBN Complaints Are Up, Now There's A 'Reform' Coming - Sound Familiar?
More Australians are being connected to the NBN than ever before and with this new service comes. a few bumps in the road. Complaints about mobile phone services (29.4%) and internet services (28%) were close behind.

Russian Federation blamed after cyber attacks hit up to 400 Australian businesses
So-called Islamic State do not have a presence in Douma and the opposition does not use helicopters, she said. They asked victims to report any infections so they could better understand the impact of the campaign.