This week casino property group Tropicana Entertainment has agreed to a purchase agreement with Gaming and Leisure Properties that will see the latter group purchasing six properties for a $1.21 billion consideration.
The properties being sold include the Tropicana Atlantic City, Tropicana Evansville, Lumiere Place, Tropicana Laughlin, Trop Casino Greenville and The Belle of Baton Rouge. The properties will have 237 gaming tables, 7,416 slots, and 350,000 of square footage for gaming. The deal is interesting, as the Atlantic City casino also has online gaming attached to it.
The agreement is subject to regulatory approval, and is expected to be completed within the calendar year.
Commenting on the deal Gaming and Leisure CEO Peter Carlino 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."