Eldorado and Gaming and Leisure Properties are to purchase the real estate and operating assets of Tropicana Entertainment in a $1.85bn deal.
GLP will pay $1.21bn for the real estate, with ERI paying $640m to purchase the operating asset, and leasing the properties from GLP for $110m per year.
The properties include Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville, Lumiere Place and the Belle of Baton Rouge. Eldorado will also purchase the operating and real estate assets of Montbleu in Lake Tahoe.
Tropicana’s Aruba casino is not included in the deal and will be sold separately.