The state Gaming Control Board recommended today allowing a four-man board to take control of the Tropicana as it wends its way through bankruptcy. If approved by the Nevada Gaming Commission when it meets Aug. 21, the action would take the unprecedented step of giving an unlicensed board financial control over a Nevada casino. In most bankruptcy cases, financial decisions are made by a receiver or trustee.
Tropicana Entertainment executives will go before state gaming regulators next month to discuss issues related to the company's pending bankruptcy settlement and restructuring, the company said Friday. The Aug. 6 hearing in Carson City before the state Gaming Control Board is not a suitability hearing for company owner and licensee Bill Yung III, who has been under investigation by gaming regulators since last summer.
If at first you don’t succeed, try, try again. That seems to be the motto of Tropicana Entertainment LLC, which against all odds is trying to regain ownership of the Tropicana Casino Hotel in Atlantic City. The holding company, a subsidiary of Columbia Sussex Corp., lost control of the property in December when the Casino Control Commission deemed it unfit to run a gaming operation in New Jersey.
Atlantic City, New Jersey - A New Jersey appeals court was just as put off by massive layoffs, bug-infested rooms and uncooperative management at the Tropicana Casino and Resort as state regulators were, and upheld the denial of the casino's license. Tuesday's ruling affirmed last December's decision by the state Casino Control Commission to strip the former owners of the gambling resort of their license and put the property up for sale.
After forcing the Tropicana's owner out, the state must at least make sure the casino sells for its true value. The retired state judge overseeing the sale of the Tropicana Casino and Resort was right to ask for more time to secure a bid that's in line with the value of New Jersey's largest hotel. Former state Supreme Court Justice Gary Stein is overseeing operations at the Tropicana in the wake of owner Columbia Sussex Corp. being stripped of its gaming license.
New York (Reuters) - Casino regulators in New Jersey agreed on Wednesday to reject all bids received for the Tropicana Casino and Resort in Atlantic City, and to restart the process for a buyer. The New Jersey Casino Control Commission said in a statement it gave the trustee overseeing the sale process, retired state Supreme Court Justice Gary Stein, another 120 days to find a buyer for the Tropicana.
Three former Tropicana employees -- including a high-ranking executive -- were indicted yesterday on charges they stole a list, valued at USD 108 million, of more than 20,000 of the casino's top players. One of them, John Conklin, is now the vice president of relationship marketing at Borgata -- Atlantic City's trendy casino. He made his mark at the Tropicana by luring sports stars and celebrities, according to people who knew him there.
Embattled casino operator William J. Yung III has stepped down as chief executive officer of Tropicana Entertainment Holdings LLC, which has filed for bankruptcy. Tropicana owns Casino Aztar in Evansville and 10 other casino properties in Nevada, Mississippi, Louisiana and New Jersey. According to a company statement released Friday, Yung will continue to serve on a new board of directors, but President Scott C. Butera will take over as CEO of the northern Kentucky-based company.
Trenton, New Jersey - Six months after they were run out of town, and with the search for a new owner nearing the finish line, the former owners of the Tropicana Casino and Resort tried Tuesday to get their casino license back and stop the sale of the property. Citing a litany of problems, the New Jersey Casino Control Commission denied the Tropicana's owners a new license in December, a ruling that will force the property to be sold.
New York (Reuters) - Privately held Casino operator Tropicana Entertainment LLC, which had its New Jersey casino license pulled last year, said it filed for bankruptcy protection on Monday. The Chapter 11 filing marks one of the largest bankruptcies so far this year and underscores a decline in the fortunes of casinos as the gambling boom of the past few years fades in the face of an economic slowdown.
The Tropicana’s sister resort at Lake Tahoe, facing eviction for subpar performance, has agreed to pay USD 165 million to the landowner for permission to stay put for another three years. The resolution demonstrates how Tropicana Entertainment has been struggling to maintain properties in competitive markets while cutting costs — a controversial strategy that led to the company’s undoing in Atlantic City...
Tropicana Entertainment, an indirect subsidiary of Tropicana Casinos and Resorts, announced that it has entered into a definitive agreement to sell its Casino Aztar riverboat gaming and hotel property in Evansville, Indiana, to Eldorado Resorts, LLC for up to USD 245 million. The operation consists on USD 190 million of cash consideration, a USD 30 million note...
