{"id":5513,"date":"2018-04-16T07:57:38","date_gmt":"2018-04-16T11:57:38","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/?guid=e18882f3e752a52ae2cb74f01bdde222"},"modified":"2018-04-16T07:57:38","modified_gmt":"2018-04-16T11:57:38","slug":"icahns-company-strikes-approximately-1-85b-tropicana-deal","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2018\/04\/16\/icahns-company-strikes-approximately-1-85b-tropicana-deal\/","title":{"rendered":"Icahn\u2019s company strikes approximately $1.85B Tropicana deal"},"content":{"rendered":"<p>ATLANTIC CITY, N.J. &#8212; Carl Icahn&#8217;s company has struck an approximately $1.85 billion deal that would fuse the gaming and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc.<\/p>\n<p>The agreement, announced early Monday, includes the sale of Tropicana Entertainment Inc.&#8217;s real estate to Gaming and Leisure Properties Inc. It doesn&#8217;t include Tropicana&#8217;s Aruba assets, which will be disposed of as a condition to closing.<\/p>\n<p>Icahn Enterprises initially bought a stake in Tropicana in 2008. The Las Vegas company currently owns and runs eight casinos and resorts.<\/p>\n<p>Eldorado Resorts is acquiring the operating assets of seven casinos in six states, including two in Nevada &#8212; the Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort &amp; Spa in South Lake Tahoe &#8212; as well as casinos in Indiana (Tropicana Evansville); Louisiana (Belle of Baton Rouge Casino &amp; Hotel); Mississippi (Trop Casino Greenville); Missouri (Lumiere Place); and New Jersey (Tropicana Casino and Resort, Atlantic City).<\/p>\n<p>These properties include approximately 7,900 slot machines, 265 table games and 5,400 hotel rooms plus dining, retail and entertainment amenities. Upon completion of all pending transactions, Eldorado&#8217;s property portfolio will feature about 26,800 slot machines and VLTs, more than 800 table games and over 12,500 hotel rooms.<\/p>\n<p>&#8220;The 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,&#8221; said company chairman and CEO Gary Carano.<\/p>\n<p>Icahn said that when he acquired an interest in Tropicana in 2008, it was bankrupt yet undervalued. &#8220;By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the company, we turned Tropicana into a great casino company.&#8221;<\/p>\n<p>The deal is targeted to close during the second half of the year.<\/p>\n<p>In Atlantic City, Icahn still owns the shuttered former Trump Plaza Hotel and Casino, which shut down in 2014.<\/p>\n<p>Follow Wayne Parry at <a href=\"http:\/\/twitter.com\/WayneParryAC\" rel=\"nofollow\">http:\/\/twitter.com\/WayneParryAC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ATLANTIC CITY, N.J. &mdash; Carl Icahn&rsquo;s company has struck an approximately $1.85 billion deal that would fuse the gaming and hotel operations of Tropicana Entertainment to Eldorado Resorts Inc. The agreement, announced early Monday, includes the sale of Tropicana Entertainment Inc.&rsquo;s real estate to Gaming and Leisure Properties Inc. It doesn&rsquo;t include Tropicana&rsquo;s Aruba assets, [&hellip;]<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5513"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=5513"}],"version-history":[{"count":1,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5513\/revisions"}],"predecessor-version":[{"id":5514,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/5513\/revisions\/5514"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=5513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=5513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=5513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}