NEW YORK CITY—Icahn Enterprises's majority-owned subsidiary, Tropicana Entertainment, signed an agreement to sell Tropicana's real estate to Gaming and Leisure Properties and to merge its gaming and hotel operations into Eldorado Resorts for approximately $1.85 billion.
“Icahn Enterprises first acquired an interest in Tropicana in 2008. Tropicana was bankrupt and desperately needed new leadership,” says Carl C. Icahn, chairman of Icahn Enterprises. He says with Tropicana's CEO and president Tony Rodio, the company “turned Tropicana into a great casino company that today owns seven casinos.”
Rodio praised management as well as Tropicana employees for their work in taking Tropicana from bankruptcy. “This tremendous financial turnaround would not have been possible without it. Through their commitment and investment, Tropicana was able to create hundreds of construction jobs and employs thousands more employees today than it employed in 2010,” says Rodio.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
