Tropicana Entertainment

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Tropicana Entertainment Inc.
Type Public
Traded as OTCQBTPCA
Industry Gaming
Predecessor(s) Tropicana Entertainment LLC
Headquarters Paradise, Nevada
Number of locations 8 casinos
Key people Carl Icahn
(chairman)
Tony Rodio (President & CEO)Lance Millage
(Chief Financial Officer)
Owner(s) Icahn Enterprises (65%)
Website tropicanacasinos.com

Tropicana is a publicly traded gaming company that, through its subsidiaries, owns and operates eight casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey and Aruba. Tropicana properties collectively have approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company is based in Paradise, Nevada.

History[edit]

For more details on Tropicana Entertainment prior to 2010, see Columbia Sussex § Casinos.

In January 2007, Columbia Sussex acquired Aztar Corporation, owner of the Tropicana casinos in Las Vegas and Atlantic City, and three other casinos, for $2.1 billion. A new subsidiary, Tropicana Entertainment LLC, was created to hold the combined company's casinos. After losing control of its largest property, the Tropicana Atlantic City, the new company was quickly forced into bankruptcy in May 2008. While in bankruptcy, the Tropicana Las Vegas was split off as a separate entity.

The rest of the company emerged from bankruptcy on March 8, 2010 as Tropicana Entertainment Inc., under the leadership of investor Carl Icahn.[1] On the same day, it regained control of the Tropicana Atlantic City, which Icahn and other investors had bought for $200 million in canceled debt.[2] In approving the transfer, the Casino Control Commission stressed that Tropicana was a "different company" than the company that had lost its license in 2007.[3]

In March 2011, Tropicana sold the Horizon Casino in Vicksburg to a partnership of Tangent Gaming and Great Southern Investment Group, who renamed it as the Grand Station Hotel and Casino.[4][5]

In 2012, the company closed the Jubilee casino and consolidated its operations into the Lighthouse Point casino, which was expanded and rebranded as the Trop Casino Greenville.[6]

In April 2014, Tropicana Entertainment Inc. (“Tropicana”) acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis(“Lumière”) from Pinnacle Entertainmentfor a purchase price of $260 million.[7]

With the acquisition, Lumière becomes the ninth casino property in Tropicana’s portfolio, joining the company’s gaming resorts in Indiana, Louisiana, Mississippi, Nevada, New Jersey and Aruba. With its prime downtown location, Lumière becomes Tropicana’s second-largest casino property, after its flagship Tropicana Atlantic City Casino and Resort. The property will remain under the Lumière brand. Tropicana is a publicly traded company that, through its subsidiaries, owns and operates nine casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, New Jersey Aruba and now Missouri. The company is based in Las Vegas, Nevada.

Casinos[edit]

Previous casinos[edit]

References[edit]

  1. ^ Chasan, Emily (8 March 2010). "Tropicana casinos exit bankruptcy under Icahn deal". Reuters. Retrieved 17 March 2012. 
  2. ^ "Atlantic City’s Tropicana sale to Carl Icahn done deal". Las Vegas Sun. Associated Press. 8 March 2010. Retrieved 18 March 2012. 
  3. ^ Wittkowski, Donald (26 August 2009). "Icahn-led group approved for Tropicana ownership". Press of Atlantic City. Retrieved 18 March 2012. 
  4. ^ Tangent Gaming (14 April 2011). "Tangent Gaming Announces Acquisition of Horizon Casino Hotel from Carl Icahn`s Tropicana Entertainment Inc.". Reuters. Retrieved 18 March 2012. 
  5. ^ "New Casino Opens In Vicksburg". WAPT 16. 2 June 2011. Retrieved 18 March 2012. 
  6. ^ Chinn, Everett (April 29, 2012). "Fanfare planned for Trop opening". Delta Democrat Times (Greenville, MS).   – via NewsBank (subscription required)
  7. ^ Tim Bryant (August 16, 2013). "Lumiere casino sold to Tropicana for $260 million". St. Louis Post-Dispatch. Retrieved 2013-08-17. 

External links[edit]