Icahn Reaches Tropicana Deal

Carl Icahn

CBJ — Billionaire investor Carl Icahn’s company struck a $1.85 billion deal that would fuse the gambling and hotel operations of Tropicana Entertainment to Eldorado Resorts.

The agreement includes the sale of Tropicana Entertainment’s real estate to Gaming and Leisure Properties. It doesn’t include Tropicana’s Aruba assets, which will be disposed of as a condition to closing.

Icahn Enterprises initially bought a stake in Tropicana in 2008. The Las Vegas company currently owns and runs eight casinos and resorts.

In Atlantic City, Icahn still owns the shuttered former Trump Plaza Hotel and Casino, which shut down in 2014. It’s unclear what long-term plans Icahn has for that property.

@CanBizJournal

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