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.
Grand Victoria Casino is approximately 40 miles west of downtown Chicago along the banks of the Fox River. 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. It also offers 7,495 square feet of meeting and banquet space, event and concert facilities, a 1,450-space parking garage, and additional surface parking for 600 vehicles.
The transaction is expected to close in the fourth quarter 2018.
Eldorado Resorts is a casino entertainment company that owns and operates 20 properties in 10 states, including Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, Pennsylvania and West Virginia.
Other recent casino acquisitions covered by IREN include:
Richard Branson buys Hard Rock Hotel & Casino in Las Vegas
Las Vegas Sands selling Bethlehem casino for $1.3b
Atlantic City casino sells for $200m
Boyd Gaming to acquire Valley Forge Casino Resort for $280m
