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Icahn Enterprises Agrees To Sell Tropicana Entertainment For $1.85 Bln

Icahn Enterprises L.P. (IEP) announced Monday that its majority-owned subsidiary, Tropicana Entertainment Inc. agreed to sell its real estate to Gaming and Leisure Properties, Inc. (GLPI) and to merge its gaming and hotel operations into Eldorado Resorts, Inc. (ERI), for aggregate consideration of about $1.85 billion.

The deal does not include Tropicana's Aruba assets, which will be disposed of as a condition to closing.

The aggregate consideration of about $1.85 billion will be increased by the amount of the net proceeds received in connection with the Aruba disposition and will be further adjusted to pay corporate level taxes.

The transaction is expected to close in the second half of 2018, subject primarily to receipt of required gaming approvals, and other customary closing conditions. The transaction is not subject to any financing condition.

Tropicana, through its subsidiaries, owns and operates eight casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey and Aruba.

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