Tropicana Entertainment Sold for $1.85 Billion

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ATLANTIC CITY, N.J. -

Tropicana Entertainment will soon be under new ownership.

Owner Carl Icahn announced an agreement that would combine the gaming and hotel operations of Tropicana Entertainment and Eldorado Resorts.

The $1.85 billion deal also included the sale of Tropicana Real Estate, including the Atlantic City property, to Gaming and Leisure Properties Incorporated.

Icahn Enterprises initially bought a stake in Tropicana in 2008.

The deal is targeted to close during the second half of 2018.

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