Caesars Entertainment has announced a definitive agreement to sell Tropicana Evansville in Indiana to Gaming and Leisure Properties and Twin River Worldwide Holdings for $480m.
Pursuant to the terms of an exchange agreement with Gaming and Leisure Properties, Caesars has agreed to add the real estate associated with Isle Casino Hotel Waterloo and Isle Casino Hotel Bettendorf to the GLPI Master Lease, giving it full ownership of Tropicana Evansville and the ability to sell it in whole.
“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.
The transaction is expected to close in mid-2021 and is subject to regulatory approvals and other customary closing conditions. Milbank LLP represented Caesars Entertainment on the transaction.