Tropicana Casino Evansville

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EVANSVILLE, Ind. — Tropicana Evansville will likely be sold by the end of 2020, according to multiple reports Saturday detailing the terms of parent company Eldorado Resorts' acquisition of casino giant Caesar's Entertainment.

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The Indiana Gaming Commission on Friday approved the $17.3 billion merger of Eldorado Resorts and Caesars Entertainment Corp. — with conditions.

Eldorado Resorts, based in Reno, Nevada, is the current owner of Tropicana Evansville. Currently, Caesar's has four Indiana locations: Hoosier Park in Anderson, Horseshoe Casino in Hammond, Indiana Grand in Shelbyville and Caesar's Southern Indiana in Elizabeth.

Eldorado officials agreed that the combined company, which would operate as Caesars Entertainment Inc., would divest three Indiana properties to address concerns about the company's market concentration. Eldorado shall have definite agreements for those divestitures on or before Dec. 31.

According to the Associated Press, Eldorado chief executive Thomas Reeg told the commission that the Evansville and Elizabeth locations would 'likely be sold,' with a sale of the Hammond casino also a possibility.

By the commission's projections, the merger as originally proposed would result in Caesars Entertainment Inc. controlling between 50% to 60% of gaming revenues in Indiana. By divesting at least two of those properties it would fall to at or below 40%.

Eldorado resorts would become one of the largest casino chains in the U.S., with operations in 16 different states. The merger has already been approved by the state of Nevada and federal regulators.

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Executives also made assurances to maintain employment levels for some time after the merger closes. Metrics will be worked out with the gaming commission.

'We are open to any employment conditions that you would impose upon the combined company. We do not see significant cuts in the Indiana assets. We didn't see that prior to COVID, as I said,' Tom Reeg, Eldorado Resorts CEO, said during the virtual meeting. 'Post-COVID a lot of it's going to be impacted by what operations we're allowed to bring back, but Indiana job cuts are not a material percentage of any savings that we see going forward.'

The Federal Trade Commission is requiring Eldorado-Caesars to divest casino assets in the South Lake Tahoe area of Nevada and the Bossier City-Shreveport area in Louisiana to settle charges that the merger likely would be anti-competitive in those markets.

Eldorado is selling its Isle of Capri casino in Kansas City, Missouri, independent of the proposed acquisition of Caesars. Eldorado views Indiana as a growth market.

The new company would focus on growing revenues at Indiana properties reopened to the public, growing and improving horse racing in Indiana, and support the expansion of table games at Hoosier Park and Indiana Grand.

The Indianapolis Star contributed to this report.

This article originally appeared on Evansville Courier & Press: Reports: Tropicana Evansville 'likely' to be sold by end of 2020

EVANSVILLE, Ind. —Tropicana is being sold for $480 million to Gaming and Leisure Properties and Twin River Worldwide Holdings.

On Tuesday, Caesars Entertainment, Inc., announced an agreement to sell Tropicana to Gaming and Leisure Properties and Twin River Worldwide Holdings.

'I want to thank all of our Evansville Team Members for their hard work and dedication, especially during the COVID-19 pandemic, and we wish them the best under Twin River's ownership,' said Tom Reeg, CEO of Caesars Entertainment, Inc.

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Earlier this year, it became clear Tropicana would more than likely be sold following Eldorado Resorts' acquisition of casino giant Caesar's Entertainment.

The combined company now operates under Caesars Entertainment Inc.

In July, the Indiana Gaming Commission approved the $17.3 billion merger with conditions.

At the time, Eldorado Resorts was the owner of Tropicana Evansville. And Caesar's had four Indiana locations: Hoosier Park in Anderson, Horseshoe Casino in Hammond, Indiana Grand in Shelbyville and Caesar's Southern Indiana in Elizabeth.

To address concerns about the company's market concentration, Eldorado officials agreed they would divest three Indiana properties and would have definite agreements for those divestitures on or before Dec. 31.

By the commission's projections, the merger as originally proposed would result in Caesars Entertainment Inc. controlling between 50% to 60% of gaming revenues in Indiana. By divesting at least two of those properties it would fall to at or below 40%.

The sale of Tropicana is expected to close in mid-2021 and is subject to regulatory approvals and other customary closing conditions.

Gaming and Leisure Properties and Twin River Worldwide Holdings will have full ownership of Tropicana Evansville and the ability to sell it in whole.

Twin River Worldwide Holdings, based in Lincoln, Rhode Island, owns and manages a total of nine casinos located in Rhode Island, Mississippi, Delaware and Missouri, as well as a horse race track in Colorado.

Per this deal, Twin River will be acquiring the operating assets of Tropicana for $140 million.

Gaming and Leisure Properties, based in Wyomissing, Pennsylvania, is in the business of acquiring, financing and owning real estate property to be leased to gaming operators. Per this deal, it will acquire the casino real estate for $340 million and lease it back to Twin River for $28 million a year in rent, subject to escalation.

Twin River will also acquire unencumbered rights to the sports betting and iGaming skins associated with the Evansville operations to access the growing Indiana market as part of the transaction.

'This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the Company's entry into a 10th state. It also provides us with access to an attractive Indiana gaming market, in which we will look to significantly advance our mobile and online sports betting and iGaming initiatives,' said George Papanier, President and Chief Executive Officer in a news release.

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'We believe this property is a great fit for our portfolio. We are acquiring the operations at a value accretive multiple, while also enhancing our interactive offerings.'

This article originally appeared on Evansville Courier & Press: Tropicana Evansville being sold by Caesars Entertainment