Icahn Enterprises Selling Tropicana Entertainment for $1.85 Billion

Galtero Lara
Abril 16, 2018

US casino operator Eldorado Resorts Inc said on Monday it agreed to buy Tropicana Entertainment Inc in a deal valued at $1.85 billion in cash under which six casino properties will be sold to real estate firm Gaming and Leisure Properties. "I would also like to thank the thousands of Tropicana team members whose hard work, dedication, and commitment to excellence also played a huge part in our accomplishment".

The deal announced on Monday sells six of the eight casino properties it now runs to Gaming and Leisure Properties $1.21 billion.

The billionaire investor first acquired an interest in Las Vegas-based Tropicana in 2008 when it was in the throes of bankruptcy. Through their commitment and investment, Tropicana has been able to construct new casinos in Evansville, Indiana and Greenville, Mississippi and substantially renovate our other properties, including, most significantly, Tropicana Atlantic City, creating new employment opportunities and hundreds of temporary construction jobs in the process since our operations began in 2010.

The transaction does not include Tropicana's Aruba assets, which will be disposed of as a condition to closing. Such risks, uncertainties and other important factors include, but are not limited to: (a) our ability to obtain required regulatory approvals (including approval from gaming regulators and expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976) and satisfy or waive other closing conditions to consummate the transaction on a timely basis; (b) the possibility that the acquisition of the Grand Victoria does not close on the terms described herein, or at all; (c) our ability to promptly and effectively implement our operating strategies and integrate the business of Eldorado and the Grand Victoria to realize synergies resulting from the combined operations; (d) our ability to fund the purchase of the Grand Victoria with proceeds from asset sales and borrowings under our credit facility; (e) the possibility that the business of the Grand Victoria may suffer as a result of the announcement of the transaction; (f) the ability to retain key employees of the Grand Victoria;; and (g) other risks and uncertainties described in our reports on Form 10-K, Form 10-Q and Form 8-K.

About Icahn Enterprises L.P. The property features 1,088 slot machines, 30 table games, a 12-table poker room and four dining options, including Prime BurgerHouse, the award-winning Buckinghams Steakhouse & Lounge, the Indulge Show Kitchen Buffet and the 24-hour Crave Deli.

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Eldorado owns and operates twenty properties in ten USA states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia. For more information, please visit www.eldoradoresorts.com.

Gaming and Leisure Properties, Inc. The casino operations will be leased to Eldorado Resorts, which will pay $640 million and enter into a 15-year lease on the Gaming and Leisure real estate. GLPI elected to be taxed as a REIT for United States federal income tax purposes commencing with the 2014 taxable year.

This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the planned transactions may not occur, or may vary materially from those indicated or anticipated by these forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

This communication is being made in respect of the proposed merger involving the Company and ERI and the proposed real estate sale involving the Company and GLPI. When completed, a definitive information statement will be mailed to the Company's stockholders.

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