\u201cWe\u2019re going to have to fight for our position in this market. We expect a fight for market share and we\u2019re prepared to get involved,\u201d said Eldorado Resorts president Thomas Reeg, according to the Associated Press<\/em>. \u201cWe\u2019re buying an asset that we hope is standing and competing 50, 100 years from now.\u201d<\/span><\/p><\/blockquote>\nAugust gaming revenue totals released by the New Jersey Division of Gaming Enforcement (DGE) show that Tropicana Atlantic City\u2019s revenue in 2018 is down 3.5 percent from the same time last year.<\/p>\n
However, that isn\u2019t out of the ordinary for Atlantic City. Bally\u2019s, Borgata, Caesars, Harrah\u2019s, and Resorts have all seen their revenues drop over the same period, something Casino Control Commission chair James Plousis attributed to competition from new casinos Hard Rock and Ocean Resort.<\/p>\n
Tropicana\u2019s 3.5 drop in revenue is also the smallest revenue loss among the Atlantic City casinos, and total revenue on the year of $260,323,690 is the second-highest, according to DGE.<\/p>\n
Changing Hands<\/h2>\n Carl Icahn sold the real estate assets of Tropicana Entertainment to Penn National REIT spinoff Gaming and Leisure Properties (GLPI) for $1.2 billion in April. As part of that deal, Eldorado will take over the operating assets and lease for seven Tropicana properties across the US and pay Icahn Enterprises an additional $640 million.<\/p>\n
The seven Trop-branded properties — besides the Trop AC — are in Nevada, Missouri, Mississippi, Louisiana, and Indiana.<\/p>\n
Icahn oversaw Tropicana Entertainment for a decade.<\/p>\n
\u201cBy reinvesting every single penny of profits back into the company,\u201d from when he took over in 2008 until selling earlier this year, he “turned Tropicana into a great casino company,\u201d Icahn said upon selling the company<\/a> in April.<\/p>\nGLPI will own the property and enter into a 15-year lease with Eldorado, which will take over operations. The deal also allows Eldorado to renew the lease for up to 20 years.<\/p>\n","protected":false},"excerpt":{"rendered":"
Reno-based Eldorado will get the AC Trop as part of a deal to take control of seven casinos for $640 million. The New Jersey Casino Control Commission gave Eldorado Resorts interim authority to operate the Atlantic City casino during a Wednesday meeting. The commission has nine months to decide on whether it wants to grant […]<\/p>\n","protected":false},"author":40,"featured_media":88115,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,18,13592],"tags":[],"acf":[],"yoast_head":"\n
Eldorado Resorts Gets AC Tropicana as Part of Seven-Casino Deal<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n