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Tropicana Entertainment Inc. announces completion of 'Window-Shop' period

16 May 2018

(PRESS RELEASE) -- Tropicana Entertainment Inc., a majority owned subsidiary of Icahn Enterprises L.P., has announced that the “window-shop” period provided for in the merger agreement signed in connection with the merger of Tropicana’s gaming and hotel operations into Eldorado Resorts, Inc., and the related sale of Tropicana’s real estate to Gaming and Leisure Properties, Inc., expired at 6 p.m. today.

Pursuant to the merger agreement, during the period from 15 April, 2018 until the expiration of the “window-shop” period, if the Company received an unsolicited acquisition proposal from a third party that the Company’s Board of Directors determined in good faith constituted or may have resulted in a superior proposal, then the Company would have had the right to provide information to, and participate in discussions or negotiations with, that third party and, subject to the terms and conditions of the merger agreement, terminate the merger agreement. The Company did not receive any proposals or requests for information from third parties during the “window-shop” period.

In addition, Tropicana also announced that it has received the required approval of the transaction by its stockholders, which was effected through the written consent of American Casino & Entertainment Properties Inc., a significant stockholder of the Company and a subsidiary of Icahn Enterprises L.P.

The transaction is expected to close in the second half of 2018, subject to receipt of required gaming approvals, termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and other customary closing conditions. The transaction is not subject to any financing condition.

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