Eldorado Resorts announced Monday that it entered an agreement to purchase Tropicana Entertainment in a cash transaction valued at $1.85 billion.

As part of the deal, the company will acquire all real estate associated with Tropicana Entertainment except the Tropicana Aruba Resort and Casino. The company said it intends to dispose of the Tropicana Aruba before closing.

The company is acquiring the operating assets of seven casinos in six states including the Tropicana Laughlin and MontBleu Casino in South Lake Tahoe. The other properties are in Indiana, Louisiana, Mississippi, Missouri, and New Jersey.

Eldorado Resorts said the acquisitions will allow the company to enter two new gaming jurisdictions. The company said the "Tropicana portfolio is in good shape and we have no immediate significant capex plans acquired properties."

FOX5 incorrectly identified the Las Vegas property as one of the locations.

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