Icahn Enterprises L.P. said Monday its majority-owned business Tropicana Entertainment Inc. has entered an agreement to sell its real estate to Gaming & Leisure Properties Inc. and to merge its gaming and hotel business into Eldorado Resorts Inc. in a deal valued at about $1.85 billion. Carl Icahn’s investing arm acquired a stake in Tropicana in 2008, when the company was bankrupt, and turned it around after installing Tony Rodio as CEO. The deal is expected to close in the second half. It does not include Tropicana’s Aruba assets, which will be disposed of as a condition to closing that may increase the proceeds. Eldorado shares rose 6% premarket on the news and Icahn Enterprises rose 1.2%. Gaming and Leisure Properties shares were not active, but have fallen 2.5% in the last 12 months, while the S&P 500 has gained 14%.