Tropicana asks to split into two operations

20.01.2009, Lesen Sie hier den Bericht über «Tropicana asks to split into two operations».

Bankrupt Tropicana Entertainment said it has asked for court permission to split into two operations under one management group. The privately held company said if its plan receives approval from its creditors and the court, it would divide along the lines of loan structures currently in place.

Tropicana, which owns the famed Tropicana casino in Las Vegas, as well as other properties in smaller markets, filed for Chapter 11 protection last May. Its struggles underscore the decline in fortunes of casinos as the economic slowdown diminishes a gambling boom.

"As we developed our plan, we had a unique opportunity to examine the new world of gaming and we believe that the company is well positioned to operate in a more cost sensitive, value- conscious industry," Scott Butera, Tropicana's CEO, said in statement.

The company said that if its plan is confirmed, one of the two entities would be made up of 10 casinos and resorts in the Tropicana portfolio, including properties in Atlantic City, New Jersey, and Evansville, Indiana.

The other entity would be comprised of the Tropicana casino property in Las Vegas. Under the plan, the secured component of the USD 2.3 billion of the first operation's debt would be converted to common stock and the unsecured debt canceled.

All of the USD 442 million of the second operation's secured debt would be converted to equity. If the deal is approved, Tropicana could retire its USD 67 million debtor-in- possession financing facility.

Casino companies have suffered since last year as a gambling boom fizzled in Las Vegas, tight credit markets jeopardized growth plans and China took steps to slow the gambling market in Macau. Yogonet.com

Über Tropicana Resort and Casino (geschlossen per 2.4.2024):

We bring gaming to a whole new level of excitement and sophistication in our legendary casino. Whether you want to join our dealers at the tables or choose from a variety of slots, our vibrant casino has all of your favorite Las Vegas games.

Want to up the ante? Then look no further than the Tropicana High Limit area. Not only does this space offer an array of high limit slots and table games, it also provides an atmosphere of casual elegance and a private location for gamblers who want to place their high-stakes bets.

When game day rolls around and you’re looking to do some sports betting, be sure to stop by the Tropicana race and sports book. Being that our sports book is operated by industry leader CG Technology, we offer some of the most technologically advanced wagering on the Strip! You can even download their casino apps to your smartphone or tablet and place wagers from anywhere on the Strip!

Regardless of what you decide to play, we highly encourage you to sign up for the Trop Plus Players Club, our free rewards program that was named Top Recommended Rewards Program on the Strip and Best Casino Deal. When you sign up, you will receive unprecedented casino rewards such as earning Free Slot Play and comps, free upgrades on our Las Vegas hotel rooms and suites, complimentary hotel stays and more!

The Tropicana casino is open 24 hours a day, seven days a week. Come play with us and find out for yourself why we were named one of the 10 Best Casinos on the Strip!

We’re Now Part of the Penn National Gaming Family!

It’s official and we couldn’t be more excited – we have joined the Penn National Gaming family! With 27 gaming and racing facilities in 17 states, including M Resort in Las Vegas, Penn National Gaming is a respected leader in these industries and we’re looking forward to sharing exciting updates as they occur.

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