Tropicana to be sold
Tropicana is selling its Evansville casino and other properties as part of a major merger.
Tropicana Entertainment has announced it’s entered a definitive agreement to sell Tropicana’s real estate to Gaming and Leisure Properties, Inc, in a $1.85 billion deal.
The company’s real estate includes a new land-based casino on Evansville’s riverfront, along with two adjacent hotels, and a currently unoccupied strip of restaurants and clubs called The District.
In a news release, Tropicana President and CEO Tony Rodio said he was “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.”
The release touts new casinos in Evansville and Greenville, Mississippi, along with renovations to other properties, including Tropicana Atlantic City.
The transaction does not include Tropicana’s Aruba assets, which will be disposed of as a condition to closing.
Tropicana said the transaction is expected to close in the second half of this year.
There’s no word on what impact the deal may have on the local Tropicana operation and its employees.