Hedge fund manager Carl Icahn is cashing out of casino business Tropicana Entertainment in a deal selling most of its properties and operations for $1.85 billion, Icahn Enterprises and the companies involved said in statements on Monday.
The billionaire investor first acquired an interest in Las Vegas-based Tropicana in 2008 when it was in the throes of bankruptcy.
The deal announced on Monday sells six of the eight casino properties it now runs to Gaming and Leisure Properties $1.21 billion.
The casino operations will be taken over by another U.S. casino operator, Eldorado Resorts, which will pay the remaining $640 million and lease the properties from GLPI for an initial 15-year period.
Icahn's firm Icahn Enterprises, which owns a majority stake in Tropicana, typically buys undervalued assets, improves their operations, and ultimately sells them at a profit.
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