Tropicana Entertainment Casino Company Emerges From Bankruptcy

Tropicana Entertainment has been synonymous with casino success throughout the US, but the company ran into financial problems after the credit crisis and subsequent economic recession. Now, the company is preparing for the future after emerging from bankruptcy.

Billionaire Carl Icahn announced on Monday that the company had successfully emerged from bankruptcy. They became the first major company to do so since the recession ravaged the casino gaming industry a couple of years ago.

Icahn was instrumental in turning around the financial situation of Tropicana. His affiliates own almost half of the company, and those affiliates are lenders in the process of emerging from bankruptcy. Gaming licenses in five states were renewed as part of the restructuring.

"We are very pleased that we have been able to turn the company around in the wake of the country's deep financial crisis," said Scott C. Butera, Tropicana CEO and President, "We have also secured an ownership group that has a long proven track record of success in the gaming industry. By constantly adjusting to market conditions, we have built the foundations of our company in a way that positions us to achieve profitable long term growth."

Tropicana has over 7,500 employees around the US. The company operates casinos in Indiana, Louisiana, Mississippi, Nevada, and New Jersey. The properties have around 6,000 hotel rooms, and over 450,000 square feet of gaming space.

Icahn has been instrumental in several casino turnarounds in Atlantic City. As recently as last week, Icahn gained control of the Trump Entertainment casinos in the city, and hopes to rejuvenate the city's casino industry in the coming months.

March 9, 2010
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
Submit News!