The agreement provides that Gaming and Leisure Properties will pay $1.21 billion, excluding taxes and expenses, for substantially all of Tropicana’s real estate and enter into a master lease with Eldorado for the acquired real estate and that Eldorado will fund the remaining $640 million of cash consideration payable in the acquisition.

in a cash transaction that is valued at $1.85 billion. announced today that it entered into a definitive agreement to acquire Tropicana Entertainment Inc.