Eldorado To Acquire Operating Assets Of Tropicana Entertainment

Eldorado To Acquire Operating Assets Of Tropicana Entertainment

Gaming and Leisure Properties, a company that owns 37 casinos in the US, will add to its portfolio by acquiring almost all of Tropicana Entertainment's real estate, except the MontBleu and the Tropicana Aruba, for $1.21 billion. "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".

Icahn Enterprises initially bought a stake in Tropicana in 2008.

Eldorado intends to fund the transaction consideration of approximately $640 million payable by Eldorado and repay debt outstanding under Tropicana's credit facility with cash generated from its current operations, proceeds from pending asset sales, Tropicana's cash on hand, cash flow generated from Tropicana operations through closing and $600 million of committed debt financing from J.P. Morgan.

The transaction is expected to close in the second half of 2018, subject to receipt of required gamin approvals, termination of the waiting period under the Hart-Scott-Rodino Anitrust Improvements Act of 1976.

Two other casinos under the Tropicana brand, the MontBleu Casino Resort & Spa in South Lake Tahoe and the Tropicana Aruba Resort and Casino, will be sold separately at Eldorado's request.

Apple Could Be Considering Launching News Subscription Service
The company could also choose to turn its original video content efforts into its own Netflix-like video subscription service. Apple's previous Newsstand app and current News offer magazines and newspapers but only as individual subscriptions.

This is a developing story. (GLPI) announced a definitive agreement to acquire the real estate assets of six casino properties from Tropicana Entertainment. It said the Aruba property was not included in the sale because Eldorado does not believe it would be worth acquiring.

Icahn acquired Tropicana Entertainment in 2010, two years after Tropicana fell into bankruptcy. Overall, the Tropicana portfolio is in good shape and we have no immediate significant capex plans for the properties.

Gaming and Leisure Properties said, upon completion of the deal, along with the previously announced transactions related to the acquisition of Pinnacle Entertainment, Inc.

Eldorado estimates its expanded portfolio after the deal will include almost 27,000 slot machines and video lottery terminals, 800 table games, and 12,500 hotel rooms.

Atlantic City, UNITED STATES: The Tropicana Casino and Resort in Atlantic City in Atlantic City, New Jersey, is pictured 24 May 2007, next to derelict streets.

Related Articles

  • Konami Just Announced 'Castlevania: Grimoire of Souls' for iOS Devices in Japan

    Konami Just Announced 'Castlevania: Grimoire of Souls' for iOS Devices in Japan

    Castlevania lives, but not on consoles, as Konami reveals the surprisingly interesting-looking iOS game Grimoire Of Souls . But a well done side-scrolling Castlevania title for Switch, PlayStation 4 and Xbox One would do incredible well I assume.
    Sitting too much may affect your memory, research finds

    Sitting too much may affect your memory, research finds

    Brain thinning is well-known to be a precursor to conditions that affect many older adults, like dementia and cognitive decline. They also completed a questionnaire about their physical activity patterns and the number of hours spent in a sitting position.
    Bodies of all 4 missing Valencia family members recovered from NorCal river

    Bodies of all 4 missing Valencia family members recovered from NorCal river

    The search teams then started to look and spotted a vehicle that was submerged around 4 to 6 feet underneath the water. Around 70 searchers had been looking for the missing Thottapilly family near the Eel River in Leggett, California.
  • Facebook to Face Angry Illinoisans Over Facial Recognition Tech

    Facebook to Face Angry Illinoisans Over Facial Recognition Tech

    Navy as well as many other intelligence agencies. " Facebook is not only a social media giant, but also an worldwide business". When you contemplate face recognition that's everywhere, we have to think about what that's going to mean for us.
    Samsung Patent Shows Galaxy Phone With iPhone X-Style Display Notch

    Samsung Patent Shows Galaxy Phone With iPhone X-Style Display Notch

    With Samsung filing this patent, it doesn't necessarily mean that this Galaxy phone will become an actual product. This new device by Samsung has a dual camera setup on the back, there is no physical fingerprint scanner.
    Wild Seek To Continue Desperate Play Against Jets In Game 4

    Wild Seek To Continue Desperate Play Against Jets In Game 4

    Don't go chasing them. "We expect [Winnipeg] to be better for Game 4 and we're going to have to be a lot better too". Wheeler (93 points) has tallied 24 goals and 69 assists, and has recorded two or more points 25 times.
  • NFL Draft: Steals and bargains with Alabama roots

    NFL Draft: Steals and bargains with Alabama roots

    With so many rumors being thrown around about what teams may be trading up and for whom it creates a insane time of year for sure. Here is how I see it playing out if they hold on to all of the current picks they have and just make their picks.

    Dodge & Cox Purchased Shares of 32371604 Time Warner Inc (TWX)

    RBC Capital Markets maintained Alliqua BioMedical, Inc. (NYSE:TWX) has "Buy" rating given on Thursday, February 1 by Guggenheim. Alliqua Biomedical had 12 analyst reports since August 19, 2015 according to SRatingsIntel. 23,450 Time Warner Inc. (NYSE:TWX).
    Is Twitter down? Social network collapses after suffering major outage

    Is Twitter down? Social network collapses after suffering major outage

    Several people on Twitter on Tuesday reported issues that made it nearly impossible to load profile or even refresh the timeline. Micro-blogging network, Twitter is down across the globe. "Something is technically wrong", the website reads.
  • Russian Federation  condemned attack against Syria

    Russian Federation condemned attack against Syria

    Angus King (I-Maine) said the success of the missile attacks depended on whether Syria stopped using chemical weapons. A year ago, the United States launched missiles on Syria in response to another chemical weapon attack, he noted.
    Wide bandh brings Andhra Pradesh to a standstill

    Wide bandh brings Andhra Pradesh to a standstill

    Subsequently, TDP withdrew 2 ministers from the union cabinet and pulled out from the NDA coalition altogether. Chandrababu Naidu on Monday accusing him of offending his pride and dignity by lowering his stature.
    Big Tom Passes Away

    Big Tom Passes Away

    Speaking to Irish broadcaster RTÉ, Donegal singer Daniel O'Donnell described Big Tom McBride as "The King" of Irish country music.