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Tropicana Entertainment announces $1.85B deal to merge with Eldorado Resorts

Revelers gather in downtown Reno to celebrate New Year's Eve 2018. (KRNV)

Carl Icahn's company has struck an approximately $1.85 billion deal that would fuse the gaming and hotel operations of Tropicana Entertainment to Reno-based Eldorado Resorts Inc.

The agreement, announced early Monday, includes the sale of Tropicana Entertainment Inc.'s real estate to Gaming and Leisure Properties Inc. It doesn't include Tropicana's Aruba assets, which will be disposed of as a condition to closing.

Icahn Enterprises initially bought a stake in Tropicana in 2008. The Las Vegas company currently owns and runs eight casinos and resorts, including Tropicana Laughlin and MontBleu at Lake Tahoe.

The deal is targeted to close during the second half of the year.

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