April 16 (UPI) -- Hedge fund manager Carl Icahn's Ichan Enterprises said Monday it is leaving the casino industry with a $1.85 billion sale of its gambling properties.
The deal trasfers six of the eight casinos in Icahn Enterprises subsidiary Tropicana Entertainment to Gaming and Leisure Properties. The casino operations will be leased to Eldorado Resorts, which will pay $640 million and enter into a 15-year lease on the Gaming and Leisure real estate. A Tropicana-owned casino in Aruba will be sold separately, a company statement said.