(Nasdaq:GLPI) ("GLPI" or the "Company") today announced that it has entered into a definitive agreement to acquire the real estate assets of six casino properties from Tropicana Entertainment for $1.21 billion, exclusive of taxes and transaction fees of approximately $40.0 million. We thank Tony, the management team and all Tropicana's employees.
The Belle of Baton Rouge will be sold as part of a $1.85 billion acquisition of Tropicana Entertainment, Inc.by Eldorado Resorts Inc., the Nevada-based owner of casinos in Lake Charles and Shreveport.
Icahn Enterprises first invested in Tropicana in 2008, when it was bankrupt. Through their commitment and investment, Tropicana has been able to construct new casinos in Evansville, Indiana and Greenville, Mississippi and substantially renovate our other properties, including, most significantly, Tropicana Atlantic City, creating new employment opportunities and hundreds of temporary construction jobs in the process since our operations began in 2010. Tropicana plans to dispose of its Aruba property - Tropicana Aruba Resort and Casino - before the closure of the deal. Upon completion of all pending transactions, Eldorado's property portfolio will feature about 26,800 slot machines and VLTs, more than 800 table games and over 12,500 hotel rooms. The transaction is expected to close later in 2018, subject to gaming regulatory and other conditions.
About Icahn Enterprises L.P. For more information, please visit www.eldoradoresorts.com.
These properties include about 7,900 slot machines, 265 table games and 5,400 hotel rooms plus dining, retail and entertainment amenities.
About Gaming and Leisure Properties, Inc. GLPI elected to be taxed as a real estate investment trust ("REIT") for United States federal income tax purposes commencing with the 2014 taxable year.
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations of growth and diversification. These forward-looking statements are not guarantees of future performance and involve risks, assumptions, and uncertainties, including, but not limited to, risks related to the satisfaction of the conditions to closing the transaction in the anticipated timeframe or at all; the failure to obtain necessary regulatory approvals; the ability to realize the anticipated benefits of the transaction; the negative effects of this announcement or the consummation of the proposed transaction on the market price of our common stock; litigation or regulatory actions related to the proposed transaction; and other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.
GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties.