Tropicana Evansville Parent Acquired
RENO, NV - Nevada-based Eldorado Resorts Inc. (Nasdaq: ERI) has completed its $1.85 billion acquisition of Tropicana Entertainment Inc. The massive deal brings Indiana's first land-based casino, Tropicana Evansville, and six other casinos throughout the country under the Eldorado banner.
The acquisition was first announced in April. Pennsylvania-based Gaming and Leisure Properties (Nasdaq: GLPI) acquired the majority of Tropicana's real estate and entered into a 15-year master lease agreement with Eldorado.
Tropicana Evansville is Eldorado's first location in Indiana. Gary Carano, chief executive officer of Eldorado, says the acquisition marks a continuation of the company's rapid growth.
"Through this combination, we have significantly expanded the scale of our gaming operations, further diversified our geographic reach into new markets – some of which have already adopted sports wagering legislation -- and minimized market-specific risk."
Eldorado says it has identified $40 million in synergies it expects to realize over the next year.