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We started the week with some pretty impressive news in regards to the US casino market, as Hedge fund manager Carl Icahn divulged that he has reached a definitive agreement to sell Tropicana Entertainment to Eldorado Resorts for$1.85 billion.
The sale includes the following Tropicana properties:
Tropicana Atlantic City — Atlantic City, NJ
- Belle of Baton Rouge — Baton Rouge, La.
- Lumière Place — St. Louis
- Trop Casino Greenville — Greenville, Miss.
- Tropicana Evansville — Evansville, Ind.
- Tropicana Laughlin — Laughlin, Nev.
- MontBleu Resort Casino & Spa — Stateline, Nev.
An eighth casino in Aruba, “will be disposed of as a condition to closing,” according to the press release.
“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,” said company chairman and CEO Gary Carano. “Eldorado Resorts intends to implement our proven strategy of enhancing margins by further improving customer service and the customer experience while focusing on promotion and other spending in all areas of the newly acquired properties.”
Eldorado is already a major player in the US casino industry, but flies under the radar due to its previous focus on smaller, regional casinos. With the addition of Tropicana Entertainment’s seven casino properties, Eldorado Resorts will operate more than two dozen casinos in 12 states, and has added a few larger properties to its portfolio.
Source: European Gaming Media and Events