Icahn Enterprises just cashed out on $1.85 billion in a deal that sold Tropicana Entertainment casinos, including the property in Atlantic City.

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Icahn Enterprises just cashed out in a $1.85 billion that sells the Tropicana Entertainment casinos, including the one in Atlantic City.

The New York investment company announced Monday the sale of Tropicana’s real estate to Gaming and Leisure Properties, Inc. and merger of its gaming and hotel operations into Eldorado Resorts, Inc.

Chairman Carl Icahn said in a statement that he was proud of the success Icahn Enterprises had with Tropicana since acquiring the company a decade ago.

Today $IEP announced an agreement to sell Tropicana Entertainment for $1.85 billion. Read more: https://t.co/RXPp61fUmH

— Carl Icahn (@Carl_C_Icahn) April 16, 2018

“Icahn Enterprises first acquired an interest in Tropicana in 2008. Tropicana was bankrupt and desperately needed new leadership. By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the company, we turned Tropicana into a great casino company that today owns seven casinos,” Ichan said.

The deal includes all of Tropicana’s locations except Aruba, which is set to close.

AC casinos hit jackpot with 22.5% jump in profits

Eldorado Resorts said in a release that Tropicana’s portfolio is in “good shape” and that the casino entertainment company that operates 20 properties across the country does not plan to make any immediate, significant changes to Tropicana.

Tropicana is one of several Atlantic City casino to undergo a recent change in management.

On Wednesday, executives from the Hard Rock Hotel & Casino Atlantic City are set to announce the resort’s grand opening date after reforming the Taj Mahal.

This while the former site of Revel casino is undergoing a transition into becoming the Ocean Resort Casino.

The Tropicana Entertainment transaction is expected to become final in the second half of the year.

Alexis Johnson may be reached at ajohnson@njadvancemedia.com. Follow her on Twitter @alexisjreports. Find nj.com on Facebook.

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Source:: New Jersey Real-Time News

      

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Big deal hits Atlantic City as Tropicana casinos sold for $1.85B

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