Gaming and Leisure Properties acquires five casinos for $964m

Gaming and Leisure Properties acquires five casinos for $964m

Published at: 2018-10-03 17:04 | Author: CIJ USA
Gaming and Leisure Properties has acquired five casinos from Tropicana Entertainment for $964m. The assets include Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, Trop Casino Greenville and The Belle of Baton Rouge. Eldorado Resorts will operate these properties. The company signed an initial 15-year lease with Gaming and Leisure Properties. The deal includes an option to renew four times for five years. The combined properties include 350,000 sq ft of casino space, 7,416 slot machines, 237 table games and 4,993 hotel rooms.

“We are pleased to consummate this accretive transaction, which materially increases our real estate income and further diversifies our geographic base. The addition of Eldorado as a new tenant diversifies our cash flow and offers a new partner for potential future transactions,” said Peter Carlino, CEO of Gaming and Leisure Properties.

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