Tropicana Entertainment’s plan to sell several casinos, including the Lumière Place in downtown St. Louis, poses a challenge for Missouri regulators that will draw interest from gaming companies and regulators across the country.
Under the agreement, Gaming and Leisure Properties Inc., a Pennsylvania-based real estate investment trust, would fund more than 65 percent of the $1.85 billion purchase and buy the real estate and buildings in the deal. It would then lease the operations of the casinos to Eldorado Resorts, which is funding the rest of the deal.
But GLPI already owns the real estate at the five other casinos in the St. Louis area.
Because GLPI makes money off its real estate and doesn’t make operational decisions at its casino properties, it previously hasn’t been viewed as anti-competitive by the Federal Trading Commission or the Missouri Gaming Commission.
But GLPI would be entering uncharted waters as the lone casino landlord in a market with at least three gaming properties.
Read more: St. Louis Post-Dispatch