Atlantic City's Tropicana To Remain Open After Icahn's $1.85 Billion Deal

Tropicana Entertainment to sell property, merge casino operations

Eldorado Resorts has properties all over the country; 20 properties in 10 different states. Eldorado is acquiring the operating assets of seven casinos in six states, including two in Nevada.

Eldorado now operates a total of 20 casinos and hotel-casinos across the US, including three in Reno: the Eldorado, Silver Legacy and Circus Circus.

This purchase does not affect the Tropicana in Las Vegas, which is owned and operated by a different company.

The transaction doesn't include Tropicana Aruba Resort.

Having lost its casino license a decade ago after former owners made drastic cuts that left it filthy, understaffed and losing customers, the Tropicana became the No. 2 casino in Atlantic City in terms of overall gambling revenue under the ownership of billionaire investor Carl Icahn, trailing only the Borgata.

The company, which bought Isle of Capri Casinos in a $1.7 billion deal in 2017, on Monday also agreed to acquire Grand Victoria Casino in Elgin, Illinois for $327.5 million in cash.


While also lauding the management team run by CEO Tony Rodio, Icahn in a statement said his reinvestment had "turned Tropicana into a great casino company".

The deal is targeted to close during the second half of the year.

Eldorado will enter a master lease agreement with Gaming and Leisure Properties, initially paying rent of $110 million to operate the acquired hotel-casinos in the first year.

Billionaire investor Carl Icahn is cashing out of casino business Tropicana Entertainment (TPCA.PK) in a $1.85 billion deal that will see Eldorado Resorts (ERI.O) picking up Tropicana's casino operations including its crown jewel in Atlantic City. The Las Vegas company now owns and runs eight casinos and resorts. The other properties are in Indiana, Louisiana, Mississippi, Missouri, and New Jersey.

Eldorado said the Tropicana properties are in excellent shape, and does not anticipate needing to invest significant money into them. "Ultimately, we believe that the addition of the highly complementary Tropicana Entertainment assets to the Eldorado Resorts family of properties will result in attractive near- and long-term growth for Eldorado and another opportunity to create new value for shareholders".

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