Tropicana Entertainment

Tropicana Entertainment, LLC, (formerly known as Wimar Tahoe Corporation) is a privately held corporation located in Crestview Hills, Kentucky that owns and operates 11 casinoscite news |first= |last= |authorlink= |coauthors= |title=Tropicana Entertainment's Chapter 11 bankruptcy filing |url= http://ap.google.com/article/ALeqM5gPb65FwE3h3daEwlEpFmaSCkJcbwD90G3AKG3|work= |publisher=The Associated Press |date=2008-05-06 |accessdate=2008-05-06 ] and resorts in the United States and Caribbean. It is a wholly-owned subsidiary of Columbia Sussex.

Tropicana Entertainment manages more than 8,200 rooms, 14,000 slots and 400 table games. The company's management has operated in the hotel/hospitality industry for more than 35 years.

Bankruptcy

On May 5, 2008, Tropicana Entertainment filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code so it could work to maximize the value of the its assets through a comprehensive restructuring. [cite news |first=Miriam |last=Marcus |authorlink= |coauthors= |title=Tropicana Hits Bottom |url= http://www.forbes.com/markets/emergingmarkets/2008/05/06/tropicana-entertainment-update-markets-equity-cx_mlm_0506markets48.html |work= Forbes.com |publisher= Forbes |date=2008-05-06 |accessdate=2008-05-06 ] The Amelia Belle Casino and the Tropicana Atlantic City were not included in the filing.cite news |first=WAYNE |last=PARRY |authorlink= |coauthors= |title=Tropicana Entertainment files for Chapter 11 protection |url= http://ap.google.com/article/ALeqM5jCaSMpwrAzEulgNBAe6Lj0iiHrfQD90FU8UG0 |work= |publisher= Associated Press |date=2008-05-06 |accessdate=2008-05-06 ]

The company has suffered several setbacks, caused in part by the cost of the Aztar acquisition and the subsequent loss of the license to operate its casino in Atlantic City, New Jersey.

History

In May of 2006, Tropicana Entertainment acquired the Tropicana Resort & Casino Las Vegas from then publicly-traded Aztar Corporation for approximately $2.1 billion in cash. The acquisition was approved by the Nevada Gaming Commission on November 17, 2006 and was completed in December of that year.

Casinos

*Amelia Belle Casino, Morgan City, Louisiana
*Belle of Baton Rouge, Baton Rouge, Louisiana
*Casino Aztar Evansville, Evansville, Indiana (sale pending to Eldorado Casinos)
*Horizon Vicksburg, Vicksburg, Mississippi (sale pending)
*Lake Tahoe Horizon Casino, Stateline, Nevada
*Lighthouse Point Casino, Greenville, Mississippi
*MontBleu Resort Casino & Spa, Stateline, Nevada (formerly Caesars Tahoe)
*River Palms Casino, Laughlin, Nevada
*Tropicana Express, Laughlin, Nevada (former name "Ramada" Express)
*Tropicana Resort and Casino, Las Vegas, Nevada

Former casinos

*Tropicana Casino and Resort Atlantic City, Atlantic City, New Jersey:"The parent company was stripped of its operating license by the New Jersey Casino Control Commission on December 12, 2007, for failure to comply with commission regulations and "lack of business ability...financial responsibility...and a lack of good character, honesty, and integrity." [http://www.nj.gov/casinos/home/news/pdf/immediatereleasetropicana.pdf Commission rejects Tropicana Renewal License] (NJCCC, retrived December 12, 2007).] The action forced the company to put the casino up for sale. Tropicana Entertainment is fighting the ruling on multiple legal fronts."

Sources

* [http://ap.google.com/article/ALeqM5jCaSMpwrAzEulgNBAe6Lj0iiHrfQD90FU8UG0 the Associated Press article]
* [http://www.nytimes.com/2008/05/06/business/06vegas.html?hp the New York Times article]

References

External links

* [http://www.tropicanacasinos.com/corporate.php the Tropicana Entertainment homepage] ,