Icahn Enterprises sells casinos, resorts to Gaming and Leisure

Icahn Enterprises sells casinos, resorts to Gaming and Leisure

Icahn Enterprises sells casinos, resorts to Gaming and Leisure

"By hiring a great CEO in Tony Rodio and a great management team, and by reinvesting every single penny of profits back into the company, we turned Tropicana into a great casino company". "I would also like to thank the thousands of Tropicana team members whose hard work, dedication, and commitment to excellence also played a huge part in our accomplishment".

The transaction does not include Tropicana's Aruba assets, which will be disposed of as a condition to closing.

The Company expects to fund the transaction with a combination of debt and equity, however, based on market conditions the entire transaction could be funded with debt. The transaction is subject to regulatory approval and is expected to close by the end of 2018.

In a separate press release, the Reno, Nevada-based gaming and hospitality company announced that it would buy Tropicana Entertainment Inc., the owner of properties in six states and the Dutch Caribbean island of Aruba.

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Icahn Enterprises, a master limited partnership, is a diversified holding company engaged in ten primary business segments: Investment, Automotive, Energy, Railcar, Gaming, Metals, Mining, Food Packaging, Real Estate and Home Fashion. Upon completion of all pending transactions, Eldorado's property portfolio will feature about 26,800 slot machines and VLTs, more than 800 table games and over 12,500 hotel rooms. Icahn Enterprises owned about 84% of Tropicana as of December 31, according to a filing.

Tropicana emerged from bankruptcy protection in 2010 under a $200 million deal backed by Icahn, and owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba. The combined properties include 350,000 casino square feet, 7,416 slot machines, 237 table games and 4,993 hotel rooms. For more information, please visit www.eldoradoresorts.com.

Gaming and Leisure Properties, Inc.

GLPI is engaged in the business of acquiring, financing, and owning real estate property to be leased to gaming operators in triple-net lease arrangements, pursuant to which the tenant is responsible for all facility maintenance, insurance required in connection with the leased properties and the business conducted on the leased properties, taxes levied on or with respect to the leased properties and all utilities and other services necessary or appropriate for the leased properties and the business conducted on the leased properties. GLPI elected to be taxed as a real estate investment trust ("REIT") for United States federal income tax purposes commencing with the 2014 taxable year. Forward looking statements can be identified by the use of forward looking terminology such as "expects", "believes", "estimates", "intends", "may", "will", "should" or "anticipates" or the negative or other variation of these or similar words, or by discussions of future events, strategies or risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by these forward-looking statements. All subsequent written and oral forward-looking statements attributable to GLPI or persons acting on GLPI's behalf are expressly qualified in their entirety by the cautionary statements included in this press release. These forward-looking statements speak only as of the date of this press release, even if subsequently made available on our website or otherwise, and we do not intend to update publicly any forward-looking statement to reflect events or circumstances that occur after the date on which the statement is made, except as may be required by law.

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