Complex Deals<\/strong><\/h2>\nThe company acquired the Trop\u2019s ops as part of a complex seven-casino deal with Carl Icahn\u2019s Icahn Enterprises. Icahn sold its subsidiary, Tropicana Entertainment, to Eldorado for $640 million, while its seven property assets were acquired for $1.21 billion by Gaming and Leisure Properties, a real estate investment trust created in 2013 as a spin off from Penn National Gaming.<\/p>\n
Eldorado now leases the seven properties from GLPI.<\/p>\n
Billionaire corporate raider Icahn has a knack for buying undervalued stock and effecting change within companies to drive up share prices \u2013 and he\u2019s put the money he received from the sale of Tropicana Entertainment to good use.<\/p>\n
Since the Eldorado deal, Icahn has been busily buying up small chunks of Caesars Entertainment to the point where he now holds almost 29 percent and is the largest shareholder in the casino giant.<\/p>\n
Icahn is pushing for a sale or merger, and reports suggest that an agreement with Eldorado could be announced this month.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Jersey\u2019s Casino Control Commission approved licensing of Eldorado Resorts Tuesday, essentially finalizing the company\u2019s acquisition of The Tropicana and its entry into the Atlantic Gaming market. But The Press of Atlantic City reports that a good part of the two-hour hearing was devoted to the rumors that Reno-based Eldorado is on the brink of […]<\/p>\n","protected":false},"author":36,"featured_media":106759,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33810,32093,13592,1],"tags":[],"acf":[],"yoast_head":"\n
New Jersey Regulators Quiz Eldorado Resorts About Caesars Deal<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n