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Carl Icahn Sells Tropicana Casinos

Carl Icahn Sells Tropicana Casinos

Tropicana Las Vegas(By Matthäus Wander / CC BY 3.0 via Wikimedia Commons)
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ATLANTIC CITY, N.J. (CelebrityAccess) Carl Icahn’s company has sold its Tropicana casino properties to Gaming and Leisure Properties for $1.85 million.

The agreement, which will fuse the gambling and hotel operations of Tropicana Entertainment to Eldorado Resorts, does not include Tropicana’s Aruba assets, which will be disposed of, according to the Associated Press. Icahn Enterprises bought a stake in Tropicana, which runs eight casinos, in 2008, saying it was bankrupt but undervalued. Since then, Carl Icahn said, “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.”

Eldorado Resorts now has the operating assets of seven casinos in six states, including two in Nevada.

“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,” Eldorado Chairman and CEO Gary Carano said in a statement.

Eldorado also announced today it is buying the Grand Victoria Casino in Elgin, Ill., from MGM Resorts International for $327.5 million.

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