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November 15, 2018

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Eldorado buys Atlantic City’s Tropicana casino in $1.9B acquisition

Image

Seth Wenig / AP

This June 19, 2017, file photo shows the Tropicana Casino and Resort in Atlantic City, N.J.

Updated Wednesday, Oct. 3, 2018 | 1:47 p.m.

ATLANTIC CITY, N.J. — Eldorado Resorts has completed its purchase of Atlantic City's Tropicana casino.

The Press of Atlantic City reports the deal that finished Monday comes after the New Jersey Casino Control Commission granted the Reno, Nevada-based company interim authority to own the casino.

The agency still has to approve a full casino license for Eldorado.

The deal is part of a $1.85 billion acquisition of Tropicana Entertainment that billionaire investor Carl Icahn agreed to in April .

The Tropicana recently improved its performance to place behind only the Borgata in terms of annual gambling revenue in Atlantic City.

Eldorado CEO Gary Carano says the acquisition of the casino will allow the company to expand the scale of their gambling operations and reach new markets, including those that have approved sports betting.