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.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
