Economy

Icahn Enterprises sells casinos, resorts to Gaming and Leisure

Icahn Enterprises sells casinos, resorts to Gaming and Leisure”

Casino operator Eldorado Resorts Inc. said on Monday it agreed to buy Tropicana Entertainment Inc.in a deal valued at $1.85 billion in cash.

"The acquisition of seven Tropicana Entertainment properties will allow Eldorado to enter two new gaming jurisdictions and deliver additional financial and geographic diversity to our operating base", said company chairman and CEO Gary Carano.

Under the deal, six casino properties will be sold to real estate firm Gaming and Leisure Properties.

Icahn Enterprises first invested in Tropicana in 2008, when it was bankrupt. (NASDAQ:GLPI) and to merge its gaming and hotel operations into Eldorado Resorts (NASDAQ:ERI) for an aggregate consideration of ~$1.85B.

Tropicana Entertainment to sell property, merge casino operations

Ichan Enterprises' strategy has always been to buy undervalued assets, improve them and then resell them. The company revamped Tropicana's management team, hiring Tony Rodio as chief executive, and reinvested "every single penny" of profits back into the company, Mr. Icahn said in prepared remarks.

Eldorado owns and operates twenty properties in ten US states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia.

Tropicana emerged from bankruptcy protection in 2010 under a $200 million deal backed by Icahn, and owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba.

The transaction is expected to close in the second half of this year.



Like this

loading...

Latest


16 April 2018
Wells Fargo & Co (WFC) Received "Hold" Rating from Credit Suisse Group AG
A low P/S can also be effective in valuing growth stocks that have suffered a temporary setback. (NYSE:MET) for 8,528 shares. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. (NYSE:HD).

16 April 2018
Visa Inc. (V), WPX Energy, Inc. (WPX)
Cowen restated a "buy" rating and set a $129.00 price target on shares of Visa in a research report on Friday , January 12th. Cheviot Value Limited Co has invested 6.34% in Microsoft Corporation (NASDAQ:MSFT). (NYSE:PRLB) for 55,404 shares.

16 April 2018
As of May, 1 BP plc (BP) Analysts See $0.66 EPS
In other news, insider Brian Gilvary bought 65 shares of the firm's stock in a transaction dated Tuesday, April 10th. Its down 6.32, from 7.15 in 2017Q3. 62 funds opened positions while 139 raised stakes. (NYSE:GAM) or 24,907 shares.

16 April 2018
(NYSE:PM) Stake Raised by HBK Investments LP
Over the long run, the price of a stock will generally go up in lock step with its earnings (assuming the P/E ratio is constant). The Plug Power Inc . exchanged hands with 2919934 shares compared to its average daily volume of 3.68M shares. (NYSE:PM).

16 April 2018
Incyte (INCY) Price Target Lowered to $76.00 at Morgan Stanley
They just need to take the company's market capitalization and divide it by the company's total sales over the past 12 months. After $1.08 actual EPS reported by Visa Inc. for the previous quarter, Wall Street now forecasts -6.48% negative EPS growth.

16 April 2018
Recent E. coli outbreak spreads to Idaho
This is a different E. coli O157:H7 HUS outbreak from the E. coli outbreak that took place from November to December 2017. The latest multistate outbreak of E. coli has sickened 35 people, including seven in New Jersey and nine in Pennsylvania.

16 April 2018
Ronaldo-less Real Madrid climb to third after Malaga win
The Spain global then provided the final pass of an exquisite team move for Casemiro to tap in the second goal in the 63rd. Atletico are second in the standings on 71 points, 11 behind Barca and four ahead of Real.

16 April 2018
Unconventional Volume of Stocks Activision Blizzard, Inc.'s (ATVI)
Dekabank Deutsche Girozentrale increased Mcdonalds Corp (NYSE:MCD) stake by 5,100 shares to 539,698 valued at $86.38M in 2017Q4. Baird maintained Activision Blizzard, Inc . (NASDAQ: ATVI ) earned "Buy" rating by Hilliard Lyons on Tuesday, February 16.

16 April 2018
Honor 10 has a Kirin 970 chipset, dual cameras & 3320mAh battery
According to the listing, all the variants of the Honor 10 are powered by an octa-core processor, clocked at 2.36GHz. A total of four different models have been listed that carry model number COL-AL10, COL-TL00, COL-TL10 and COL-AL00.

16 April 2018
John Oliver offers Russel Crowe's jockstrap to Anchorage Blockbuster
The bad news is, we didn't do it. "We did though - we absolutely did", he added with chagrin. Even that sentence is absolutely incredible to say out loud".