EVANSVILLE, Ind. — Tropicana Evansville will likely be sold by the end of 2020, according to multiple reports Saturday detailing the terms of parent company Eldorado Resorts' acquisition of casino giant Caesar's Entertainment.

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The Indiana Gaming Commission on Friday approved the $17.3 billion merger of Eldorado Resorts and Caesars Entertainment Corp. — with conditions.

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Eldorado Resorts, based in Reno, Nevada, is the current owner of Tropicana Evansville. Currently, Caesar's has four Indiana locations: Hoosier Park in Anderson, Horseshoe Casino in Hammond, Indiana Grand in Shelbyville and Caesar's Southern Indiana in Elizabeth.

Eldorado officials agreed that the combined company, which would operate as Caesars Entertainment Inc., would divest three Indiana properties to address concerns about the company's market concentration. Eldorado shall have definite agreements for those divestitures on or before Dec. 31.

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According to the Associated Press, Eldorado chief executive Thomas Reeg told the commission that the Evansville and Elizabeth locations would 'likely be sold,' with a sale of the Hammond casino also a possibility.

By the commission's projections, the merger as originally proposed would result in Caesars Entertainment Inc. controlling between 50% to 60% of gaming revenues in Indiana. By divesting at least two of those properties it would fall to at or below 40%.

Eldorado resorts would become one of the largest casino chains in the U.S., with operations in 16 different states. The merger has already been approved by the state of Nevada and federal regulators.

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Executives also made assurances to maintain employment levels for some time after the merger closes. Metrics will be worked out with the gaming commission.

'We are open to any employment conditions that you would impose upon the combined company. We do not see significant cuts in the Indiana assets. We didn't see that prior to COVID, as I said,' Tom Reeg, Eldorado Resorts CEO, said during the virtual meeting. 'Post-COVID a lot of it's going to be impacted by what operations we're allowed to bring back, but Indiana job cuts are not a material percentage of any savings that we see going forward.'

The Federal Trade Commission is requiring Eldorado-Caesars to divest casino assets in the South Lake Tahoe area of Nevada and the Bossier City-Shreveport area in Louisiana to settle charges that the merger likely would be anti-competitive in those markets.

Eldorado is selling its Isle of Capri casino in Kansas City, Missouri, independent of the proposed acquisition of Caesars. Eldorado views Indiana as a growth market.

The new company would focus on growing revenues at Indiana properties reopened to the public, growing and improving horse racing in Indiana, and support the expansion of table games at Hoosier Park and Indiana Grand.

The Indianapolis Star contributed to this report.

This article originally appeared on Evansville Courier & Press: Reports: Tropicana Evansville 'likely' to be sold by end of 2020

Sports betting included

Twin River Worldwide Holdings has announced an agreement with Caesars Entertainment to acquire the Tropicana Evansville Casino in Indiana for $140m. The transaction’s structure will allow Twin River to take over the property without a cash outlay.

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As part of the deal, Twin River will obtain the unencumbered rights to sports betting associated with the Evansville operations, along with the online gambling skins.

Acquisition details

Twin River is not the only company involved in the deal. According to the details of the acquisition, Gaming and Leisure Properties, Inc. (GLPI), a publicly traded gaming-focused real estate investment trust, will acquire the casino real estate for $340m. GLPI will then lease it back to Twin River for $28m per year. This deal will be subject to escalation.

Part of the transaction also includes GLPI acquiring the real estate of a Twin River property in Dover, Delaware for $144m. The property will be leased back to Twin River for $12m a year, also subject to escalation.

Twin River president and chief executive officer, George Papanier, commented on the new transaction, stating that it is consistent with the company’s core strategy of acquiring strategic gaming assets at attractive valuations. The acquisition of the Tropicana Evansville Casino marks the tenth state in which Twin Rivers has operations.

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We believe this property is a great fit for our portfolio.”

Papanier said the property will provide the company with access to the gaming market in Indiana where Twin River will look to advance its mobile and online sports betting and online gaming services.

We believe this property is a great fit for our portfolio,” Papanier added.

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Acquiring Bally’s branding rights

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The Evansville deal is not the only time Twin River has worked with Caesars this month. In mid-October, Twin River acquired the Bally’s casino brand from Caesars Entertainment for $20m.

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Twin River plans to use the Bally’s name to rebrand almost its entire portfolio of properties. As part of the deal, Caesars will be allowed to keep the Bally’s name on its existing property in Las Vegas. Twin River Worldwide Holdings chairman Soo Kim sees the deal as an opportunity to revive a brand that is synonymous with American gaming.