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Eldorado, Tropicana, GLPI in $1.85B, Six-State, Seven-Casino Property Deal

Reno-based Eldorado Resorts, Inc. is acquiring Tropicana Entertainment Inc. in a cash transaction that is valued at $1.85 billion. Gaming and Leisure Properties (GLPI) will pay $1.21 billion for substantially all of Tropicana’s real estate, and enter into a master lease with Eldorado for the acquired real estate. Eldorado will fund the remaining $640 million of cash consideration payable in the acquisition.

GLPI is expected to acquire the real estate associated with the Tropicana property portfolio, except the MontBleu Casino Resort & Spa in South Lake Tahoe and the Tropicana Aruba Resort and Casino. Eldorado will enter into a triple net master lease for the acquired properties, which includes seven casinos in six states totaling roughly 7,900 slot machines, 265 table games and approximately 5,400 hotel rooms.

– Nevada properties: Tropicana Laughlin Hotel and Casino, and the MontBleu Casino Resort & Spa in South Lake Tahoe
– Indiana property: Tropicana Evansville
– Louisiana property: Belle of Baton Rouge Casino & Hotel
– Mississippi property: Trop Casino Greenville
– Missouri property: Lumière Place
– New Jersey property: Tropicana Casino and Resort, Atlantic City

Tropicana intends to dispose of Tropicana Aruba Resort and Casino prior to closing.

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Inside The Story

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Sale/Acquisition