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

Eldorado will lease the properties after the transaction
Man in front of slot machine
The shares of the three companies rose on the news

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 17% to US$41.90, while Gaming & Leisure climbed 3.7% to US$34.53 at 12:13 p.m. Icahn Enterprises was little changed US$61.64.

Eldorado's share-price target was raised to US$49 from US$42 today by Roth Capital analyst David Bain, according to His reiterated his Buy rating on the stock.

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