Sign up USA
Proactive Investors - Run By Investors For Investors

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 thefly.com. His reiterated his Buy rating on the stock.

View full PROAC profile View Profile

Proactiveinvestors Timeline

Related Articles

Apollo 11
February 22 2018
Immersive VR, a technology company focused on the education space, was the first company Sure backed
Clint Eastwood
May 25 2018
The group’s first piece of original content, a documentary called Pandas, premiered on 24 March this year, to positive reviews.
Throne of Glass
April 30 2018
Rowling, Rowling, Rowling ... keep those titles rolling. Mind you, it's not all about Ms Rowling; Sarah J Maas title revenues grew 47% in the first half of the financial year and dieters are gorging on Tom Kerridge's books
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use