Billionaire investor Carl Icahn is reportedly cashing in his casino chips and exiting the gaming business.
Carl Icahn's days as a casino owner are coming to an end.
On Monday, Icahn Enterprises announced it is attempting to sell Tropicana Entertainment and six of its eight casinos to genuine estate investment trust Gaming and Leisure Properties (GLP) in a transaction totaled at $1.85 billion.
GLP is paying Icahn $1.21 billion, and Reno-based Eldorado Resorts will simply take over the leases of the resorts and pay $640 million.
Icahn praised their company 1xbet bookmaker for saving Tropicana Entertainment, which it acquired a majority stake in a decade ago in 2008.
'Tropicana was bankrupt and desperately required new leadership. By hiring a great CEO … and a great administration team, and by reinvesting every single penny of profits back into the company, we switched Tropicana into an excellent casino company,' the billionaire declared.
Tropicana Entertainment owns and operates eight casinos in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey, and Aruba.
This week's deal doesn't range from the business's casino resort in Aruba, nor the closed Trump that is former Plaza Atlantic City. Icahn said those two properties will be offered at a subsequent date.
Tropicana Las Vegas can be not section of the deal, as the Strip resort is owned by Penn National Gaming.
Icahn Exits Casinos
Carl Icahn is known as a raider that is corporate buys struggling businesses at deep discounts and later sells them for massive profits.