May 19, 2020

Icahn Enterprises to sell Tropicana Entertainment for $1.85bn

Carl Icahn
Mergers & Acquisitions
Icahn Enterprises
Pouyan Broukhim
1 min
Icahn Enterprises to sell Tropicana Entertainment for $1.85bn

Icahn Enterprises, a holding company owned by investor Carl Icahn, has announced that it is set to sell its casino business unit Tropicana Entertainment for a total $1.85bn.

Six of the eight casinos that it currently owns and operates will be sold to Gaming and Leisure Properties (GLPI) for $1.21bn, whilst casino operator Eldorado Resorts will pay the remaining $640mn, leasing the properties from GLPI for a 15-year period.

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“The acquisition of these assets demonstrates the Company’s continued commitment to pursuing accretive growth opportunities,” said Peter M Carlino, CEO of GLPI. “Eldorado is a highly-respected operator of a large and diversified portfolio of regional gaming assets with a strong track record of successful acquisitions.

“We are excited to work with them to successfully complete this acquisition and look forward to additional opportunities to expand our relationship in the future.”

Icahn Enterprises revealed that the deal does not include the company’s Aruba casino and resort located in the Caribbean that is set to be sold in a separate deal.

The transaction in question is set to close in H2 2018.

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