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Icahn's company strikes around $1.85B Tropicana deal

Jun 30th 2018, 11:17 am
Posted by jacklynsap
ATLANTIC CITY, N.J. (AP) - Carl Icahn's company smitten an or so $1.85 billion stack Monday that would electrical fuse the gambling and hotel trading operations of Tropicana Entertainment to El Dorado Resorts Inc.

The correspondence includes the sales agreement of Tropicana Entertainment Iraqi National Congress.'s veridical landed estate to Gambling and Leisure time Properties Iraqi National Congress. It doesn't admit Tropicana's Aruba assets, which wish be apt of as a train to completion.

Icahn Enterprises at first bought a interest in Tropicana in 2008. The Las Vegas companion presently owns and runs octet casinos and resorts.

FILE - In this Butt against 16, 2010, file photo, moneyman Carl Icahn poses for photos upon arriving for the yearbook Recently York Metropolis Police Cornerstone Gala affair in Raw York. Icahn's companion has struck an around $1.85 trillion treat that would fuzee the gaming and hotel operations of Tropicana Amusement to Eldorado Resorts Iraqi National Congress. (AP Photo/Henny Beam Abrams, File)

Eldorado Resorts is acquiring the in operation assets of septet casinos in six states, including two in Silver State - the Tropicana Laughlin Hotel and Cassino and the MontBleu Casino Recourse & Health club in South Lake Tahoe - as swell as casinos in Indiana (Tropicana Evansville); Pelican State (Belle of Billy Rouge Cassino & Hotel); Mississippi (Trop Casino Greenville); Show Me State (Lumière Place); and Fresh T-shirt (Tropicana Cassino and Resort, Atlantic City).

These properties admit approximately 7,900 slot machines, 265 board games and 5,400 hotel suite positive dining, retail and amusement creature comforts. Upon completion of completely pending transactions, Eldorado's property portfolio wish feature article most 26,800 slot machines and VLTs, Thomas More than 800 put off games and terminated 12,500 hotel suite.

"The acquisition of seven Tropicana Entertainment properties will allow Eldorado to enter two new gaming jurisdictions and deliver additional financial and geographic diversity to our operating base," said accompany chair and Chief operating officer Gary Carano.

Icahn aforesaid that when he acquired an pursuit in Tropicana in 2008, it was smash eventually undervalued. "By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the company, we turned Tropicana into a great casino company."

The deal is targeted to shut during the sec half of the year.

Eldorado said the Tropicana properties are in excellent shape, and does not forebode needing to invest pregnant money into them. It aforesaid the Aruba prop was not included in the sales event because Eldorado does non conceive it would be Charles Frederick Worth getting.

The companion aforesaid it enters the Atlantic Metropolis commercialise realizing it is approximately to lucubrate with the re-orifice of two shuttered casinos that wish increment the number of properties to nine, but feels it force out run the Tropicana Atlantic City profitably. That gambling casino recently became the No. 2 casino in Atlantic Metropolis in damage of gaming revenue, trailing only the Borgata.

Eldorado besides proclaimed Mon it is purchasing the Magisterial Victoria Cassino in Elgin, Illinois from MGM Resorts Outside for $327.5 1000000 in hard cash.

In Atlantic City, Icahn silence owns the shuttered other Horn Plaza Hotel and Casino, which close fine-tune in 2014.


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FILE - This Jan. 31, 2018 pic shows lashings of play chips at the Tropicana casino in Atlantic Ocean Metropolis N.J. Carl Icahn's companion has struck an or so $1.85 zillion flock that would primer the gaming and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc., proclaimed Monday, Apr 16, 2018.

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