Eldorado to take on Tropicana casinos in $1.85 billion deal [Reuters]
ELDORADO RESORTS (ERI)
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Source: Reuters
Eldorado to take on Tropicana casinos in $1.85 billion deal | Reuters Reuters Staff 1 Min Read (Reuters) - U.S. casino operator Eldorado Resorts Inc ( ERI.O ) said on Monday it agreed to buy Tropicana Entertainment Inc in a deal valued at $1.85 billion in cash under which six casino properties will be sold to real estate firm Gaming and Leisure Properties ( GLPI.O ). GLPI, which leases real estate to casino operators, will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana’s real estate and enter into a master lease with an initial 15-year term with Eldorado. Eldorado will fund the remaining $640 million of cash consideration payable in the deal, the company said. Tropicana Entertainment owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba. Eldorado owns and operates twenty properties in ten U.S. states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohi
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