Hospitality and gaming firm Eldorado Resorts has been given a temporary approval to have and run Tropicana Casino in Atlantic City. The move comes as a part of a $1.85-billion acquisition deal that will see Eldorado assume control over the gambling venue’s parent firm Tropicana Entertainment. The later firm owns six casino possessions across six states.
The New Jersey Casino Control Commission issued earlier this week a temporary license that authorizes Eldorado to run Tropicana, whilst its application for a complete license is under review.
At present, Tropicana is one of those city’s few casinos that don’t provide sports betting, after the legalization of that type of activity in the state in early June. Nonetheless, this is all about to change shortly. The casino announced earlier this week that it has penned a partnership arrangement with British bookmaker William Hill that could see the launching of a sportsbook at the home.
Tropicana General Manager Steve Callender stated in a media release from a few days ago that a brand-new facility is now being created from the match ’s North Tower and that it would host sports betting. More details are expected to be released in the coming weeks.
In another round of news, Eldorado announced last week that it has entered into an arrangement to purchase a 20% stake in William Hill’s US business. In addition, the bookmaker could become the exclusive sports betting partner for the Reno, Nevada-based gaming and hospitality business. Eldorado now operates 21 properties in 11 countries . The acquisition of Tropicana Entertainment will extend the organization ’s footprint over two new states.
Details about the Deal
Tropicana is currently owned by New York investor Carl Icahn. The transaction is anticipated to be completed sometime in the fourth quarter of this year.
It is also essential to note that Eldorado has partnered casino REIT Gaming and Leisure Properties to purchase Tropicana Entertainment. The deal will visit Gaming and Leisure cover the amount of $1.21 billion and rent the Tropicana possessions to Eldorado, while the latter firm will cover the remaining $640 million.
The purchase of Tropicana Entertainment has been Eldorado’s next significant acquisition deal in 18 months amid a wave of consolidation over the US land-based casino industry. Last May, the Nevada-based gaming and hospitality company completed the acquisition of Isle of Capri Casinos for $1.1 billion.
Separately, Eldorado also announced earlier this year that it has agreed to purchase Grand Victoria Casino in Elgin, Illinois from competing MGM Resorts International for the whole quantity of $327.5 million.
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