Carl Icahn’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.’s real estate to Gaming and Leisure Properties Inc. It doesn’t include Tropicana’s Aruba assets, which will be disposed of as a condition to closing.
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Icahn Enterprises initially bought a stake in Tropicana in 2008. The Las Vegas company currently owns and runs eight casinos and resorts.
The deal is targeted to close during the second half of the year.