World News

Carl Icahn sells Tropicana casinos in $1.85 billion deal

Carl Icahn sells Tropicana casinos in $1.85 billion deal

(ERI) announced a definitive agreement to acquire Tropicana Entertainment Inc.in a cash transaction that is valued at $1.85 billion.

Billionaire activist investor Carl Icahn gives an interview on FOX Business Network's Neil Cavuto show in New York February 11, 2014.

Tropicana operates casino and entertainment properties in the USA, including its flagship Tropicana Atlantic City, and a casino-resort in Aruba.

The sale includes 7,900 slot machines, 265 table games and about 5,400 hotel rooms, as well as restaurant, retail and entertainment hot spots.

Eldorado will also get the Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort & Spa in South Lake Tahoe, Tropicana Evansville in Indiana, Belle of Baton Rouge Casino & Hotel in Louisiana, Trop Casino Greenville in MS and Lumière Place in Missouri. This tremendous financial turnaround would not have been possible without it.

Reno-based Eldorado owns and operates twenty properties in 10 USA states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. "I would also like to thank the thousands of Tropicana team members whose hard work, dedication, and commitment to excellence also played a huge part in our accomplishment".

Icahn Enterprises Selling Tropicana Entertainment for $1.85 Billion
Tropicana Entertainment Sold for $1.85 Million

The Illinois transaction is expected to close in the fourth quarter of 2018, subject to regulatory approvals and other customary closing conditions and is subject to a customary working capital adjustment.

The billionaire investor had reinvested more than $200 million into the Atlantic City property, insiders say, and Tropicana Atlantic City expanded into the nearby boutique hotel The Chelsea previous year.

Eldorado will enter a master lease agreement with Gaming and Leisure Properties, initially paying rent of $110 million to operate the acquired hotel-casinos in the first year.

Eldorado also announced Monday it is buying the Grand Victoria Casino in Elgin, Illinois from MGM Resorts International for $327.5 million in cash. Overall, the Tropicana portfolio is in good shape and we have no immediate significant capex plans for the properties.

Additionally, Icahn previous year sold the Trump Taj Mahal in Atlantic City to Hard Rock International, which is redeveloping the site as the Hard Rock Hotel & Casino Atlantic City.

More news: Rumor: Ubisoft May Have Accidentally Revealed Watch Dogs 3 Is In Development


  • Monitor the Current Moves of NVIDIA Corporation (NVDA)

    Monitor the Current Moves of NVIDIA Corporation (NVDA)

    Choate Investment Advsr holds 5,904 shares or 0.06% of its portfolio. "Buy" rating has 14, "Sell" are 0, while 7 are "Hold". Finally, Zevenbergen Capital Investments LLC lifted its position in shares of Nvidia by 957.5% in the 3rd quarter.
    A Look Ahead For Two Stocks: Wells Fargo & Company (WFC), Citigroup Inc

    A Look Ahead For Two Stocks: Wells Fargo & Company (WFC), Citigroup Inc

    It is negative, as 55 investors sold JPM shares while 802 reduced holdings. 93 funds opened positions while 290 raised stakes. The current ratio looks at all the liquid and non-liquid assets compared to the company's total current liabilities.
    Supreme Court rejects ex-Illinois governor's latest appeal

    Supreme Court rejects ex-Illinois governor's latest appeal

    A spokesperson for a public relations firm retained by the Blagojevich family asked that news organizations "respect her privacy". Supreme Court on Monday morning decided NOT to hear the appeal of defrocked IL governor Rod Blagojevich's corruption case.
  • Paul Merson: How Jurgen Klopp can guide Liverpool to Premier League title

    Paul Merson: How Jurgen Klopp can guide Liverpool to Premier League title

    It didn't take long for the television pundits to identify one of Arsenal's biggest flaws in the 2-1 loss to Newcastle on Sunday. INCIDENTS: Premier League match between Newcastle United and Arsenal , held at St James' Park in Newcastle .
    Ford brings back the Mustang to Supercars

    Ford brings back the Mustang to Supercars

    Ford has not finished testing the new Mustang, although a formal submission is due to NASCAR this summer. DJR Team Penske now runs two Fords, while Tickford Racing fields four entries.
    On May, 8 Veru Inc. (VERU) EPS Estimated At $

    On May, 8 Veru Inc. (VERU) EPS Estimated At $

    It is positive, as 19 investors sold MYGN shares while 67 reduced holdings. 53 funds opened positions while 125 raised stakes. The stock of Chevron Corporation (NYSE: CVX ) earned "Market Perform" rating by BMO Capital Markets on Wednesday, October 18.
  • National Football League  to prohibit 10 helmet models due to player safety

    National Football League to prohibit 10 helmet models due to player safety

    The lab test includes rotational velocity and acceleration as part of a "combined metric" in helmet evaluation. Helmets are ranked on how they "manage the forces" that players most often come into contact with, he added.
    Storm system likely spewed 11 tornadoes in Arkansas, agency reports

    Storm system likely spewed 11 tornadoes in Arkansas, agency reports

    The Weather Service forecasts a slight chance of more rain Wednesday night, then highs of about 80 by the weekend. The National Weather Service in Tallahassee, Florida has confirmed an EF-1 hit Decatur County on Sunday.
    Global X MSCI Colombia ETF (GXG) Declines 1.24% for April  16

    Global X MSCI Colombia ETF (GXG) Declines 1.24% for April 16

    The RSI, or Relative Strength Index, is a widely used technical momentum indicator that compares price movement over time. Taking a peek at some Moving Averages, the 200-day is at 49.03, the 50-day is 52.80, and the 7-day is sitting at 51.94.
  • Researchers link sedentary behavior to thinning in brain region critical for memory

    Researchers link sedentary behavior to thinning in brain region critical for memory

    This was done using the self-reported International Physical Activity Questionnaire modified for older adults (IPAQ-E). The current study was led by Prabha Siddarth of the Semel Institute for Neuroscience and Human Behavior at UCLA .

    Regions Finl Corp New (RF) Shareholder Country Club Trust Company Increased Stake

    Of the 26 companies in the S&P 500 that have stated earnings to date, 70 percent have stated earnings above analyst expectations. Partnervest Advisory Limited Liability Corporation has 0.13% invested in Bank of Hawaii Corporation (NYSE:BOH) for 3,200 shares.
    Twitter suffers worldwide outage as users faced with error message

    Twitter suffers worldwide outage as users faced with error message

    Twitter is down and by the looks of it, the outage is massive this time, spanning major countries around the world. The services are now offline for on all platforms including the desktop website, Android, iPad and iPhone apps.