In two acquisitions, seven casinos were sold for a total sales price of 1.54 billion.
Gaming and Leisure Properties entered into a definitive agreement with Eldorado Resorts to acquire the real estate assets of six casino properties from Tropicana Entertainment for $1.21 billion.
The assets to be acquired are Tropicana Atlantic City, Tropicana Evansville, Lumiere Place, Tropicana Laughlin, Trop Casino Greenville and The Belle of Baton Rouge. The combined properties include 350,000 casino square feet, 7,416 slot machines, 237 table games and 4,993 hotel rooms.
Concurrent with the closing of this transaction, Eldorado Resorts will acquire the operating assets of these properties and lease the real estate from Gaming and Leisure Properties through a new master lease with a 15-year initial term and four 5 year renewal periods.
Separately, Eldorado Resorts has plans to purchase the Grand Victoria Casino in Elgin, Ill., for $327.5 million in cash.
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