Gaming and Leisure signs $1.21bn Tropicana deal
Gaming and Leisure Properties has struck a deal to acquire the real estate assets of six casino properties from Tropicana Entertainment for $1.21bn (€977.3m).
The agreement covers the Tropicana Atlantic City, Tropicana Evansville, Lumiere Place, Tropicana Laughlin, Trop Casino Greenville and The Belle of Baton Rouge.
The combined properties include 350,000 casino square feet, 237 table games and 7,416 slot machines.
Tropicana Atlantic City is also one of various land-based casinos in the state of New Jersey that offers online gaming activities.
Should the deal gain the necessary approvals, Eldorado Resorts would acquire the operating assets of the properties and lease real estate from the company via a new master leaser with an initial 15-year term and four five-year renewal periods.
Gaming and Leisure expects the deal to go through before the end of the year.
Peter Carlino, chief executive of Gaming and Leisure, said: “The acquisition of these assets demonstrates the company’s continued commitment to pursuing accretive growth opportunities.
“This transaction meaningfully grows our annual rent and diversifies our tenant base, while increasing our geographic footprint.
“Eldorado is a highly respected operator of a large and diversified portfolio of regional gaming assets with a strong track record of successful acquisitions.”
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