Added to YB: 2018-04-16
Pitch date: 2018-04-16
TPCA [bullish]
Tropicana Entertainment Inc.
+5.65%
current return
Author Info
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Company Info
Tropicana Entertainment Inc. owns and operates casino and entertainment properties in the United States.
Market Cap
$1.8B
Pitch Price
$69.95
Price Target
77.61 (+5%)
Dividend
N/A
EV/EBITDA
N/A
P/E
33.44
EV/Sales
N/A
Sector
Hotels, Restaurants and Leisure
Category
special_situation
Tropicana Entertainment: Deal with GLPI & ERI, Merger Arb
TPCA: IEP-controlled Tropicana Entertainment deal with GLPI & ERI for $1.85B, $77.61/share (11% spread), complicated by Aruba sale. Even without Aruba, price $74.26 (6.5% spread). Closing 2018 end. GLPI 9.1% cap rate, ERI 5-6.6x EBITDA. 9.75x EBITDA for TPCA (4-4.5x in 2013). Is Icahn top-ticking the gaming cycle again?
Read full article (3 min)