Icahn Enterprises Selling Tropicana Entertainment for $1.85 Billion

Tropicana Entertainment Inc. Announces Definitive Sales Agreement

GLPI, which leases real estate to casino operators, will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana's real estate and enter into a master lease with an initial 15-year term with Eldorado.

The deal is targeted to close during the second half of the year. (NASDAQ:GLPI) and to merge its gaming and hotel operations into Eldorado Resorts (NASDAQ:ERI) for an aggregate consideration of ~$1.85B. Tropicana plans to dispose of its Aruba property - Tropicana Aruba Resort and Casino - before the closure of the deal.

Gaming and Leisure Properties, Inc.

The New York investment company announced Monday the sale of Tropicana's real estate to Gaming and Leisure Properties, Inc. and merger of its gaming and hotel operations into Eldorado Resorts, Inc.

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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 acquisition is expected to be completed by the end of the year.

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. (NASDAQ:PENN), the Company anticipates its pro forma ratio of Total Debt to Adjusted EBITDA will increase to no more than 5.5 times. "We are excited to work with them to successfully complete this acquisition and look forward to additional opportunities to expand our relationship in the future". Further information regarding these measures and reconciliation to GAAP may be found in Gaming & Leisure Properties, Inc.'s SEC filings on the SEC's website. GLPI expects to grow its portfolio by pursuing opportunities to acquire additional gaming facilities to lease to gaming operators. REITS don't pay federal income tax, passing earnings directly to shareholders instead.

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding our expectations of growth and diversification. When used in this press release, the terms or phrases such as "anticipates", "believes", "projects", "plans", "intends", "expects", "might", "may", "estimates", "could", "should", "would", "will likely continue", and variations of such words or similar expressions are meant to identify forward-looking statements.

Overall, Eldorado Resorts is acquiring the operating assets of seven casinos in six states, In addition to the Belle, the others include two in Nevada - the Tropicana Laughlin Hotel and Casino and the MontBleu Casino Resort & Spa in South Lake Tahoe - as well Tropicana Evansville in Indiana; Trop Casino Greenville in Mississippi; Lumière Place in Missouri; and Tropicana Casino and Resort, Atlantic City, New Jersey. There are a number of risks and uncertainties that could cause our actual results to differ materially from those expressed in the forward-looking statements which are included elsewhere in this press release. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the planned transactions may not occur, or may vary materially from those indicated or anticipated by these forward-looking statements.

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