Tropicana Entertainment Enters Agreement to Acquire the Lumiere Place Casino
and Hotels in St. Louis, Missouri
LAS VEGAS, Aug. 19, 2013
LAS VEGAS, Aug.19, 2013 /PRNewswire/ --Tropicana Entertainment, Inc.
("Tropicana") 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 (collectively, "Lumiere").
"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).
Cautionary Note Regarding Forward-Looking Statements.
Information set forth in this news release contains various "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 that involve risks and
uncertainties, including statements about the Company's plans, objectives,
expectations and intentions. Such statements include, without limitation,
statements about the timing of the completion of the Lumiere transaction, the
anticipated benefits thereof, other of Tropicana's and Pinnacle's plans,
objectives, expectations and intentions, and other statements that are not
historical facts. Forward-looking statements may contain words such as
"expect," "believe," "may," "can," "should," "will," "forecast," "anticipate,"
or similar expressions (including their use in the negative), and include
assumptions that underlie such statements. These forward-looking statements
are based upon assumptions made by the Company as of the date of this press
release and are subject to known and unknown risks and uncertainties that
could cause actual results to differ materially from those expressed or
implied by such statements, including but not limited to: the ability of the
parties to consummate the proposed transaction in a timely manner or at all;
satisfaction of the conditions precedent to consummation of the proposed
transaction, including the ability to secure regulatory approvals from the
Missouri Gaming Commission and the U.S. Federal Trade Commission in a timely
manner or at all; the possibility of litigation (including related to the
transaction itself); the Company's ability to successfully and timely
integrate Lumiere's operations and employees and realize synergies from the
proposed transaction; and unknown, underestimated or undisclosed commitments
or liabilities. Moreover, the Company's business may be adversely affected by
future legislative, regulatory, or tax changes as well as other economic,
business and/or competitive factors. The Company may also seek financing in
connection with this transaction, and there can be no assurance that the
Company can obtain such financing on favorable terms, if at all. The risks
above are not exhaustive. Other factors that could adversely affect the
Company's business and prospects are described in the Company's filings with
the Securities and Exchange Commission. The Company expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
such statements presented herein to reflect any change in the Company's
expectations or any change in events, conditions or circumstances on which any
such statements are based.
SOURCE Tropicana Entertainment, Inc.
Contact: Anthony P. Rodio, President and Chief Executive Officer,
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