Carl Icahn Exits Casino Business
Carl Icahn is exiting the casino business after announcing his Tropicana Entertainment Inc casino properties to Gaming and Leisure Properties Inc for $1.85 billion.
The deal which included 8 casinos located in the US and one in Aruba with the flagship of them being the Tropicana Atlantic City which has consistently been outperforming all its competitors in New Jersey.
Under the deal Gaming and Leisure Properties will lease the properties to Eldorado Resorts who will pay $640 million in cash and take on the debt of Tropicana. Eldorado already owns 20 casinos across 10 US States.
Icahn got involved in the casino business back in 2008 when the Tropicana went bust and with the hiring of Tony Rodio and a senior management team turned the Tropicana into a thriving business.
Last year the Tropicana turned over revenues of $898 million, with its flagship Tropicana Atlantic City seeing annual revenues of $390 million.