Icahn reaches deal to sell Tropicana Entertainment

17 April, 2018, 19:17 | Author: Wade Massey
  • Carl Icahn cashes out of casino business with Tropicana sale

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".

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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.

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