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Tropicana Entertainment Sold for $1.85 Million
17 April 2018, 07:19 | Glen Norman
The exterior of the Tropicana Atlantic City
The Belle of Baton Rouge, a casino in the heart of that city's downtown area, will be sold as owner Tropicana Entertainment offloads casino properties in a $1.85 billion deal, The Advocate reports.
Among the casinos included in the deal are the Tropicana Laughlin Hotel and Casino in Las Vegas and the Tropicana Casino and Resort in Atlantic City. Tropicana intends to dispose of the Aruba resort before closing.
Eldorado Resorts Inc. operates twenty properties in ten states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. We believe the financing structure for the transaction, which includes the participation of a real estate investment trust, represents an innovative means to drive growth and add value for our shareholders while maintaining financial flexibility as we continue to own the majority of the underlying real estate across our remaining property portfolio.
Icahn said that when he acquired an interest in Tropicana in 2008, it was bankrupt yet undervalued.
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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". This tremendous financial turnaround would not have been possible without it.
The transaction doesn't include Tropicana Aruba Resort.
Gaming and Leisure Properties said, upon completion of the deal, along with the previously announced transactions related to the acquisition of Pinnacle Entertainment, Inc.
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.
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.
Eldorado also announced Monday it is buying the Grand Victoria Casino in Elgin, Illinois from MGM Resorts International for $327.5 million in cash.
Additionally, Icahn previous year sold the Trump Taj Mahal in Atlantic City to Hard Rock International, which is redeveloping the site as the Hard Rock Hotel & Casino Atlantic City.
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