{"id":4716,"date":"2018-04-17T21:49:25","date_gmt":"2018-04-17T21:49:25","guid":{"rendered":"https:\/\/www.pokerscout.com\/?p=4716"},"modified":"2018-04-18T14:58:40","modified_gmt":"2018-04-18T14:58:40","slug":"eldorado-basically-buys-out-icahn-in-casino-shopping-spree","status":"publish","type":"post","link":"https:\/\/www.pokerscout.com\/eldorado-basically-buys-out-icahn-in-casino-shopping-spree\/","title":{"rendered":"Eldorado Basically Buys Out Icahn In Casino Shopping Spree"},"content":{"rendered":"
Icahn Enterprises<\/strong> announced on Monday the sale of Tropicana Entertainment\u2019s<\/strong> real estate holdings to Gaming and Leisure Properties, Inc.<\/strong> (GLPI). As part of the agreement, Eldorado Resorts<\/strong> will take control of hotel and gaming operations.<\/p>\n Carl Icahn<\/strong>, the billionaire investor, shared the good news on Twitter.<\/p>\n Today $IEP<\/a> announced an agreement to sell Tropicana Entertainment for $1.85 billion. Read more: https:\/\/t.co\/RXPp61fUmH<\/a><\/p>\n \u2014 Carl Icahn (@Carl_C_Icahn) April 16, 2018<\/a><\/p><\/blockquote>\n The sale includes seven of the eight properties in the Icahn Enterprises portfolio. It doesn\u2019t<\/strong> include Tropicana\u2019s Aruba<\/strong> property. However, disposal of the Aruba property is a condition of closing.<\/p>\n The seven casinos span six states and include:<\/p>\n GLPI is known as a \u201creal estate investment trust\u201d and only operates two of the 38 properties in its portfolio. The casinos and racinos span 14 states. Tenants including Penn National Gaming, Inc.<\/strong>, Casino Queen<\/strong>, and Pinnacle Entertainment<\/strong>, lease the properties.<\/p>\n With two casinos in Pennsylvania<\/strong>, it is likely GLPI will enter the online gaming market<\/strong> later this year when the industry launches. Adding Tropicana Casino and Resort, Atlantic City<\/strong> to its portfolio ensures their entry into online casinos once the sale finalizes.<\/p>\n The Tropicana purchase brings a new partner to the table for GPLI. Eldorado is excited to partner with GPLI and the new opportunities in the gaming market it provides.<\/p>\n \u201cThe 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,\u201d said company chairman and CEO Gary Carano<\/strong> as reported in the Las Vegas Sun<\/strong>.<\/p>\n Eldorado is a Nevada-based gaming company that operates 20 properties<\/strong> in 10 states, including two PA properties of its own.<\/p>\n Eldorado has been on a bit of a buying spree. In a deal valued at $1.7 billion, it purchased Isle of Capri Casinos<\/strong> in 2017. On Monday, it entered into a cash deal<\/a> to buy Grand Victoria Casino<\/strong> in Elgin, Illinois<\/strong> for $327.5 million<\/strong>.<\/p>\n GPLI and Eldorado will partner as they enter the New Jersey market. With both companies invested in PA and now New Jersey, they have immediately become significant players<\/strong> in the land-based and online casino industry.<\/p>\n Icahn Enterprises currently owns and operates eight casinos and initially bought a stake in Tropicana in 2008.<\/p>\n Its most prominent property is Tropicana Atlantic City which earned $390 million in 2017. It had the second-highest revenue of the city\u2019s casinos that year.<\/p>\n The sale should finalize sometime in the second half of the year, provided all regulatory requirements are met. After the sale, Icahn Enterprises will own only one casino, the Trump Plaza Hotel and Casino<\/strong> in Atlantic City which remains shuttered today.<\/p>\n Play At Virgin Online Now With Free Signup Bonus<\/p>\n<\/div>\n\n
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About the buyers<\/span><\/h2>\n
Icahn Enterprises all but leaves the casino business<\/span><\/h2>\n
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