The owner of Tropicana casinos has filed for Chapter 11 bankruptcy protection. The casino giant, operating under Tropicana Entertainment LLC, said it plans to continue operating its remaining properties that include:
- Tropicana Casino and Resort in Las Vegas
- Bayou Caddy’s Jubilee Casino in Greenville
- Horizon Casino Hotel in Vicksburg
- Casino Aztar in Evanville, Ind.
- Horizon Casino Resort in Lake Tahoe, Nev.
- MontBlue Resort Casino and Spa in Lake Tahoe
- Tropicana Express Hotel and Casino in Laughlin, Nev.
- River Palms Resort and Casino in Laughlin
- Sheraton Hotel and Belle of Baton Rouge in Baton Rouge
More information from the Associated Press:
The company was buffeted by a chain of events that began Dec. 12 when the New Jersey Casino Control Commission determined that the company was incapable of running the “first-class operation” required by state law and stripped the Tropicana in Atlantic City of its casino license after less than a year.
That touched off a funding crisis that the company desperately struggled to fend off until filing for protection in U.S. Bankruptcy Court in Delaware, listing assets of $2.8 billion and liabilities of $3.3 billion.
Scott C. Butera, the company’s president, called the filing “an opportunity to take a breathing spell,” get its debt under control, and move forward.He said the company generates positive cash flow from its operations and has lined up $67 million in debtor-in-possession financing from Greenwich, Conn.-based Silver Point Finance LLC.
“We have more than adequate resources to meet our ongoing financial needs,” Butera said. “We will continue to offer our visitors and players a full range of lodging, entertainment and gaming services.”
The filing does not cover the Tropicana in Atlantic City nor the Lighthouse Point Casino in Greenville.
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