Missouri gaming regulators may be forced to address casino ownership consolidation concerns, according to industry observers, with the announcement of Tropicana Entertainment’s deal to sell six of its eight casino properties, including Lumière Place in downtown St. Louis to Gaming and Leisure Properties Inc. (GLPI).
GLPI is the real estate investment arm of Penn National Gaming.
Under the agreement announced last week, the real estate investment trust is funding more than 65 percent of the $1.85 billion deal. GLPI would, upon closing the deal, buy the real estate and buildings in the portfolio and lease the operations of the casinos to Eldorado Resorts, which is funding the rest of the transaction.
GLPI already owns the real estate at five of six St. Louis casinos. They are: Ameristar St. Charles, Hollywood Casino, River City Casino, Casino Queen and Casino Argosy Alton.