Eldorado Resorts completed the acquisition of Tropicana Entertainment on Monday from Icahn Enterprises, which includes operating rights of the casino hotel in Atlantic City.
The $1.85 billion deal was first announced in April. Tropicana Entertainment sold its real estate holdings to Gaming and Leisure Properties for $1.21 billion and merged its gaming and hotel operations into Eldorado Resorts, which will lease the sold properties for $640 million. In September, the state Casino Control Commission granted temporary approval to Eldorado, a Reno, Nevada-based gaming and hospitality company, to operate Tropicana Atlantic City. The commission must still approve a casino license for the company.
“Our acquisition of Tropicana marks a continuation of Eldorado’s successful history of rapid growth through strategic, accretive acquisitions,” said Gary Carano, chairman and CEO of Eldorado. “Through this combination, we have significantly expanded the scale of our gaming operations, further diversified our geographic reach into new markets — some of which have already adopted sports wagering legislation and minimized market-specific risk.”