April 17, 2018
Reno-based Eldorado Resorts, Inc. is acquiring Tropicana Entertainment Inc. in a cash transaction that is valued at $1.85 billion. Gaming and Leisure Properties (GLPI) will pay $1.21 billion for substantially all of Tropicana’s real estate, and enter into a master lease with Eldorado for the acquired real estate. Eldorado will fund the remaining $640 million of cash consideration payable in the acquisition.
GLPI is expected to acquire the real estate associated with the Tropicana property portfolio, except the MontBleu Casino Resort & Spa in South Lake Tahoe and the Tropicana Aruba Resort and Casino. Eldorado will enter into a triple net master lease for the acquired properties, which includes seven casinos in six states totaling roughly 7,900 slot machines, 265 table games and approximately 5,400 hotel rooms.
– Nevada properties: Tropicana Laughlin Hotel and Casino, and the MontBleu Casino Resort & Spa in South Lake Tahoe
– Indiana property: Tropicana Evansville
– Louisiana property: Belle of Baton Rouge Casino & Hotel
– Mississippi property: Trop Casino Greenville
– Missouri property: Lumière Place
– New Jersey property: Tropicana Casino and Resort, Atlantic City
Tropicana intends to dispose of Tropicana Aruba Resort and Casino prior to closing.
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