Tropicana Entertainment, Inc. announced that it has entered into an agreement with Pinnacle Entertainment, Inc. to acquire Lumiere Place Casino, HoteLumiere, and the Four Seasons Hotel St. Louis.
"We are delighted to enter the St. Louis gaming market," said Tony Rodio, President and Chief Executive Officer of Tropicana. "Lumiere is a premier property in an excellent downtown location. We look forward to providing a world class experience to our guests, and working with the surrounding community to continue to make downtown St. Louis a vibrant and exciting place to visit," said Mr. Rodio.
Carl C. Icahn, Chairman of Tropicana Entertainment, stated: "We are happy that Tropicana, which Icahn Enterprises purchased out of bankruptcy only three years ago, is now profitable and will have expanded to nine casino properties. We hope to continue to make judicious acquisitions in the future."
The transaction is conditioned on the receipt of regulatory approvals from the Federal Trade Commission and the Missouri Gaming Commission, as well as customary closing conditions, and is expected to close in early 2014.
Tropicana through its subsidiaries owns and operates eight casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, New Jersey and Aruba. Tropicana properties collectively have approximately 6,046 rooms, 7,063 slot positions and 260 table games. The company is a majority-owned subsidiary of Icahn Enterprises L.P. (NASDAQ: IEP).
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