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Berks-based Gaming and Leisure Properties buys 6 Tropicana casinos for $1.2B

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(File photo of a casino floor.)
(File photo of a casino floor.)

Berks County-based Gaming and Leisure Properties Inc. will buy six Tropicana Entertainment casinos for $1.2 billion, the company announced.

The company based in Wyomissing has entered an agreement to buy the Tropicana’s flagship casino and resort, the Tropicana Atlantic City, and five other properties: the Tropicana Evansville in Indiana, Lumiere Place in Missouri, Tropicana Laughlin in Nevada, Trop Casino Greenville in Mississippi and The Belle of Baton Rouge Casino & Hotel in Louisiana.

The sale includes 7,900 slot machines, 265 table games and about 5,400 hotel rooms, plus dining, retail and entertainment amenities.

The seller, billionaire Carl Icahn investor of Icahn Enterprises Inc., bought a majority stake in then-bankrupt Tropicana Enterprises in 2008.

The deal is expected to close by the end of 2018.

Eldorado Resorts Inc. of Reno, Nev., will operate the Tropicana properties and lease the real estate from Gaming and Leisure Properties for an initial 15-year term and four five-year renewal periods.

The initial annual rent is expected to be $110 million.

“The acquisition of these assets demonstrates the company’s continued commitment to pursuing accretive growth opportunities,” Peter M. Carlino, CEO, Gaming and Leisure Properties, said in a statement. “This transaction meaningfully grows our annual rent and diversifies our tenant base, while increasing our geographic footprint.”

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