Eldorado Resorts Acquires Carl Icahn’s Tropicana Entertainment
by Jessica MontevagoEldorado Resorts Inc. and real-estate company Gaming and Leisure Properties Inc. will buy Carl Icahn’s casino and hotel operator, Tropicana Entertainment Inc., for $1.85 billion.
Icahn bought a stake in Tropicana when the casino company was bankrupt in 2008.
The deal will give Reno, Nevada-based Eldorado seven casinos in six states: Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort & Spa in South Lake Tahoe in Nevada, Tropicana Evansville in Indiana, Belle of Baton Rouge Casino & Hotel in Louisiana, Trop Casino Greenville in Mississippi, Lumière Place in Missouri, and Tropicana Casino and Resort, Atlantic City in New Jersey.
The transaction, expected to close later this year, did not include the Aruba or Caribbean properties, which will be sold later.
