Casino Tropicana Evansville
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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.
Located along the Ohio River in Indiana, Tropicana Evansville offers exciting casino action incuding slots, table games, a live poker room & sportsbook. Hotels near Tropicana Evansville Casino, Evansville on Tripadvisor: Find 7,503 traveler reviews, 2,117 candid photos, and prices for 108 hotels near Tropicana Evansville Casino in Evansville, IN. The Tropicana Evansville Casino Hotel is a three-star property that is just a minute walk from a casino. Free internet access is available in the rooms and in certain public spaces of the hotel. The Tropicana Evansville.
© SAM OWENS/ COURIER & PRESS Tropicana Evansville is reopening its Casino and The Deli restaurant to the public Monday morning, June 15, 2020, after being closed since March 16 due to the coronavirus pandemic. The Tropicana Evansville Hotel and The Brew Brothers Tap House will open Thursday, June 18. Guests will only be allowed to enter the Casino from the main Tropicana Hotel-side entrance where they will be asked to answer screening questions, show a valid I.D., and have their temperature taken. Mask are encouraged, but not mandatory unless playing at Table Game stations.More: COVID: Here are 4 troubling signs for hospitals in Indiana and Evansville
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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.
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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.
© MaCabe Brown / COURIER & PRESS ARCHIVES, Macabe Brown A view of Riverside Drive from Tropicana's pedestrian bridge. 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.
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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.
Casino Tropicana Evansville
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.
'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