LONDON, UK / ACCESSWIRE / April 18, 2018 / Active-Investors.com has just released a free research report on Eldorado Resorts, Inc. (NYSE: ERI) ("Eldorado"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=ERI as the Company's latest news hit the wire. On April 16, 2018, the Company disclosed that it has signed an agreement to acquire Tropicana Entertainment Inc., a majority-owned subsidiary of Icahn Enterprises L.P. (NASDAQ: IEP). The all-cash deal is valued $1.85 billion. Register today and get access to over 1000 Free Research Reports by joining our site below:

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Details of the transaction

The transaction has is divided into two parts. In the first part, Gaming and Leisure Properties (NASDAQ: GLPI) ("GLPI") will acquire the real estate assets of six casino properties from Tropicana for $1.21 billion, excluding taxes and transaction fees. The balance cash portion of the deal will be funded by Eldorado which is approximately $640 million. GLPI's acquisitions will include Tropicana Atlantic City, Tropicana Evansville, Lumiere Place, Tropicana Laughlin, Trop Casino Greenville, and The Belle of Baton Rouge. The transaction does not include Tropicana's MontBleu Casino Resort & Spa in South Lake Tahoe and the Tropicana Aruba Resort and Casino. Tropicana has plans to sell off Tropicana Aruba Resort and Casino before the close of the deal.

In the second part, once GLPI completes the acquisition of Tropicana's real estate, it will enter into triple net master lease agreement with Eldorado. Under the lease agreement, Eldorado will acquire operating assets of Tropicana's properties and lease the real estate from GLPI. The master lease will be for a 15-year period initially with provision for four 5-year renewals. Eldorado has agreed to pay an annual rent of $110 million under the lease agreement.

The operating assets acquired by Eldorado include seven casinos in six states which are: the Tropicana Laughlin Hotel and Casino, and the MontBleu Casino Resort & Spa in South Lake Tahoe in Nevada; Tropicana Evansville in Indiana; Belle of Baton Rouge Casino & Hotel in Louisiana; Trop Casino Greenville in Mississippi; Lumière Place in Missouri; and Tropicana Casino and Resort, Atlantic City in New Jersey. These properties have approximately 7,900 slot machines, 265 table games and approximately 5,400 hotel rooms plus several dining, retail and entertainment amenities. On completion of the transaction, Eldorado's property portfolio will have a total of approximately 26,800 slot machines and VLTs, more than 800 table games ,and over 12,500 hotel rooms.

The deal has been approved by the Board of Directors of Eldorado, GLPI, and Tropicana. The transaction is expected to close in Q4 2018 subject to regulatory and required gaming approvals and other closing conditions.

Eldorado plans to finance the cash portion of the its share and the repayment of Tropicana's debt from available cash on hand, debt financing of $600 million from J.P. Morgan, proceeds from the sale of its pending asset, Tropicana's cash in hand, and cash generated from Tropicana's operations.

Value proposition for Eldorado

Eldorado expects the deal to be immediately accretive to its cash flows and diluted EPS. The Company expects to realize cost synergies of approximately $40 million within the first year of completing the deal once the lease agreement is effective. The transaction is expected to increase the scale of operations of its regional gaming platform and result in increased cash flows. The deal is expected to create great value for its shareholders. The acquisition of Tropicana's assets will allow Eldorado to enter two new gaming jurisdictions and deliver additional financial and geographic diversity.

Management Comments

Commenting on the acquisition of Tropicana's assets, Gary Carano, Chairman and CEO of Eldorado, said:

"With our proposed acquisition of Tropicana Entertainment, Eldorado Resorts is yet again pursuing a large transaction that is expected to be accretive, further increase the scale of our regional gaming platform and drive free cash flow growth."

Carl C. Icahn, Chairman of Icahn Enterprises, added:

"Icahn Enterprises first acquired an interest in Tropicana in 2008. Tropicana was bankrupt and desperately needed new leadership. By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the Company, we turned Tropicana into a great casino Company that today owns seven casinos."

Tony Rodio, President and CEO of Tropicana, commented:

"I am incredibly proud of what the entire Tropicana team has been able to accomplish over the past 8 years, taking Tropicana from bankruptcy to one of the industry's true success stories."

Peter M. Carlino, CEO of GLPI, stated:

"This transaction meaningfully grows our annual rent and diversifies our tenant base, while increasing our geographic footprint."

About Tropicana Entertainment Inc.

Las Vegas, Nevada-based Tropicana is a majority owned subsidiary of Icahn Enterprises. The Company through its subsidiaries owns and operates eight casinos and resorts. Tropicana properties collectively have approximately 5,526 hotel rooms, 8,075 slot positions and 277 table games.

About Gaming and Leisure Properties

Wyomissing, Pennsylvania-based GLPI is a self-administered and self-managed real estate investment trust (REIT). It is in the business of acquiring, financing, and owning real property to be leased to gaming operators in "triple net" lease arrangements.

About Eldorado Resorts, Inc.

Founded in 1973, Reno, Nevada-based Eldorado is a leading casino entertainment company that owns and operates twenty properties in ten states. Eldorado's properties together have over 21,000 slot machines and VLTs and 600 table games and over 7,000 hotel rooms.

Stock Performance Snapshot

April 17, 2018 - At Tuesday's closing bell, Eldorado Resorts' stock fell 1.20%, ending the trading session at $41.00.

Volume traded for the day: 884.52 thousand shares, which was above the 3-month average volume of 798.43 thousand shares.

Stock performance in the last month ? up 12.33%; previous three-month period ? up 27.73%; past twelve-month period ? up 119.25%; and year-to-date - up 23.68%

After yesterday's close, Eldorado Resorts' market cap was at $3.15 billion.

The stock is part of the Services sector, categorized under the Resorts & Casinos industry. This sector was up 1.4% at the end of the session.

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