The company will receive the proceeds from the sale but is worried that a forced sale in a bad economy will result in a depressed price. The company is appealing the license denial, but the bidding process is well under way and a new owner could be selected within a few weeks. The company suffered a huge setback with the loss of the Atlantic City casino license. The company simply could not afford any significant setbacks, he added. Then credit markets tightened, leaving Tropicana Entertainment 'very little margin for error,' Butera wrote in court filings. Using tactics they had successfully employed elsewhere, management began cost-cutting measures including nearly 1,000 layoffs in Atlantic City, prompting an uproar from unions.Ī slowing national economy made gamblers more cautious about parting with their money, and real estate values plummeted as well. for $2.1 billion after a heated bidding war, the company unwittingly violated a fundamental principle of business: buying high just before the market fell. He laid out a cascading series of problems that formed a perfect storm that befell Tropicana's owners almost from the moment they took over the property on Jan. In court documents, Butera decried the decision by New Jersey regulators to wrest control of the Atlantic City Tropicana from the company, saying that led directly to the anticipated bankruptcy filing. The other Tropicana Entertainment property excluded from the bankruptcy filing is the Lighthouse Point Casino in Greenville, Miss.Ĭasinos owned by a corporate affiliate - the Amelia Belle Casino in Louisiana, and the Westin Casuarina Las Vegas Hotel Casino & Spa, are also excluded from the filing. The sale was mandated when the former owners lost their license in December. The filing does not cover the Tropicana in Atlantic City, which is in the process of being sold by a state-appointed conservator.

and the Sheraton Hotel and Belle of Baton Rogue Casino in Baton Rouge, La. River Palms Resort & Casino in Laughlin, Nev. the Tropicana Express Hotel & Casino in Laughlin, Nev. Horizon Casino Resort and the MontBleu Resort Casino & Spa, both in Lake Tahoe, Nev.

The bankruptcy filing covers nine properties: The Tropicana Casino & Resort in Las Vegas Bayou Caddy's Jubilee Casino in Greenville, Miss.

Tropicana casino and resort las vegas