Tropicana Entertainment

Tropicana Entertainment Inc.
Public
Traded as OTCQB: TPCA
Industry Gaming
Predecessor Tropicana Entertainment LLC
Headquarters Spring Valley, Nevada, United States
Number of locations
 9 casinos
Key people
 Carl Icahn
(Chairman)
Tony Rodio
(President & CEO)
Owner Icahn Enterprises (65%)
Website tropicanacasinos.com

Tropicana Entertainment Inc. is a publicly traded gaming company that owns and operates 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 Spring Valley, Nevada.

History

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 May 2013, Tropicana agreed to sell the River Palms for $7 million to M1 Gaming, owner of Boomtown Reno,[7] but the sale never went through. In July 2014, Tropicana instead agreed to sell the River Palms for $6.75 million to the owners of Dotty's.[8]

In April 2014, Tropicana acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment for $260 million.[9]

The company assumed management of the Trump Taj Mahal in Atlantic City after Icahn Enterprises purchased the casino's parent company.[10]

Casinos

Previous casinos

References

  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. ↑ Bill O'Driscoll (May 1, 2013). "Boomtown owner to acquire Laughlin hotel-casino". Reno Gazette-Journal. Retrieved 2013-05-01.
  8. ↑ "Agreement struck to sell River Palms". Laughlin Nevada Times. July 2, 2014. Retrieved 2014-07-06.
  9. ↑ "Tropicana Entertainment Inc. announces completed purchase of Lumiere Place Casino & hotels in St. Louis, Missouri" (Press release). Tropicana Entertainment. April 1, 2014. Retrieved 2015-02-10 – via PR Newswire.
  10. ↑ Form 10-Q: Quarterly Report (Report). Tropicana Entertainment. May 3, 2016. p. 15 – via EDGAR.
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