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Gaming & Leisure, Eldorado Resorts to buy six Icahn casinos for US$1.85bln

Monday, April 16, 2018 7:33
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Gaming & Leisure Properties Inc. (NASDAQ:GLPI)  and Eldorado Resorts Inc. (NASDAQ:ERI)  said they agreed to buy six casino properties from Tropicana Entertainment Inc. in a deal valued at US$1.85bln.

The companies are purchasing the assets from the unit of Carl Icahn’s Icahn Enterprises LP (NASDAQ:IEP), they said today in statements on their websites.

Gaming & Leisure will acquire the real-estate assets of the business for US$1.21bln, while Eldorado will pay the remaining $640mln and lease the casino properties from Gaming & Leisure, they said.

Eldorado shares rose 14% to US$14.80, while Gaming & Leisure climbed 3.8% to US$34.58 at 10:19 a.m. Icahn Enterprises advanced about 1% to US$61.94.

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