Hedge fund manager Carl Icahn has sold casino business Tropicana Entertainment in a deal offloading most of its properties and operations for US$1.85 billion, according to reporting from Reuters.
The billionaire investor first acquired an interest in the Las Vegas-based company in 2008 when it was in the midst of bankruptcy.
The deal announced Monday sells six of the eight casino properties it now runs to Gaming and Leisure Properties for US$1.21 billion.
The casino operations will be taken over by another U.S. casino operator, Eldorado Resorts, which will pay the remaining US$640 million and lease the properties from GLPI for an initial 15-year period.