Tropicana Begins Restructuring With Yung Stepping Down As CEO

Tropicana Entertainment Holdings, LLC has begun the first phase of their redevelopment. They will be doing so with a new CEO after William Yung stepped down from the position.

Tropicana, which has filed for bankruptcy is now in the process of regrouping and moving forward. Yung will still be with the company, and will serve on a newly appointed Board of Directors.

President Scott C. Butera will serve as the new CEO. The company is restructuring after losing their license in New Jersey for failing to maintain a first class casino. They reached that point after performing poorly and having severe layoffs.

"Forming an independent Board of Directors is a critical first step in our planned restructuring," said Butera, the new CEO. The Board will be responsible for several different areas of day to day operations.

They will have litigation committees and also gaming regulatory compliance committee. The Board will also put together a committee that will focus on independent audits. This move comes on the heels of the company filing for bankruptcy last month.

Three directors in addition to Yung and Butera have been hired. Thomas Benninger, Bradford S. Smith, and Michael G. Corrigan all have been added and come with high credentials in the areas of regulatory experience and financial restructuring.

June 9, 2008
Posted By Susan Torres
Staff Editor, CasinoGamblingWeb.com
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