Tropicana Entertainment

Last updated
Tropicana Entertainment Inc.
Type Public
OTCQB:  TPCA
Industry Gaming
PredecessorTropicana Entertainment LLC
Aztar Corporation
Columbia Sussex
FoundedMarch 8, 2010;11 years ago (2010-03-08)
DefunctOctober 1, 2018;3 years ago (2018-10-01)
FateAcquired by Eldorado Resorts and Gaming and Leisure Properties
Headquarters,
Websitehide

Tropicana Entertainment Inc. was a publicly traded gaming company that owned and operated casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey and Aruba. Tropicana properties collectively had approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company was based in Spring Valley, Nevada, and was majority-owned by Icahn Enterprises. The company was acquired in 2018 by Eldorado Resorts and Gaming and Leisure Properties for $1.85 billion. [1]

Contents

History

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. [2] 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. [3] 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. [4]

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. [5] [6]

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. [7]

In May 2013, Tropicana agreed to sell the River Palms for $7 million to M1 Gaming, owner of Boomtown Reno, [8] 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. [9]

In March 2014, it was announced that the company‘s lease to operate the Horizon Casino Resort had expired on March 31, 2014 and was not renewed. The Park Companies took over the property under an LLC known as "NevaOne" and closed the property on April 1, 2014 to begin an intense $40 million top-to-bottom makeover. [10]

In April 2014, Tropicana acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment for $260 million. [11]

The company assumed management of the Trump Taj Mahal in Atlantic City after Icahn Enterprises purchased the casino's parent company. [12] It closed in 2016. [13]

In April 2018, the company agreed to be acquired for $1.85 billion by Eldorado Resorts and Gaming and Leisure Properties (GLP). GLP would pay $1.21 billion to buy the land and buildings of Tropicana's casinos, while Eldorado would acquire Tropicana Entertainment for $640 million, and lease the casinos from GLP. [14] [15] The parties later modified the deal so that the real estate of Lumière Place would be sold to Eldorado instead of to GLP. [16] The sale was completed on October 1, 2018. [17] The Tropicana Aruba was excluded from the deal and was separately sold to Icahn Enterprises. [16]

Casinos

The properties owned by the company at the time of its acquisition were:

Previous casinos

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Tropicana may refer to:

Tropicana Casino & Resort Atlantic City Hotel and casino in Atlantic City, New Jersey

Tropicana Atlantic City, also known as The Trop and previously as TropWorld Resort, is a resort, casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment, and is the third largest hotel in New Jersey, with just under 2,400 guest rooms and the 200,000-square-foot shopping and entertainment complex, The Quarter. It has over 30 restaurants, 30 shops, 20 bars and lounges, 4 pools, the Tropicana Showroom, multiple spa's, and an IMAX Theatre. In 2016, Tropicana completed over $200 million in renovations and additions, including a Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness, Garces restaurants, renovations to over 900 hotel rooms, and casino floor but Tropicana will continue investing. The Tropicana is the largest resort and casino on the boardwalk, with 2,364 rooms, 3,000 slot machines, 30 restaurants, and 30 shops, along with two 2,500-space parking garages, totaling over 5,000 parking spaces. In 2021-2023 Tropicana is said to complete renovations through these years, the renovations will include renovations to all 604 West Tower Rooms, Modernized Elevators and Escalators, Pool Enhacements, Gaming Space Enhancements, and more undisclosed renovation projects.

Golden Nugget Hotel & Casinos

Golden Nugget Hotels & Casinos is an American chain of luxury hotels and casinos. It currently operates five casino resorts in Nevada, Louisiana, New Jersey, and Mississippi.

Aztar Corporation was a hospitality company based in Phoenix, Arizona, focused on resort hotels and casinos. In 2005, the company had revenues of more than $915 million and earnings before interest and taxes of $212 million. During 2006 the company became the subject of a bidding war for ownership, with Columbia Sussex winning.

Columbia Sussex is a privately owned hotel company based in Crestview Hills, Kentucky. The company, owned by the Yung family, owns and operates hotels in various parts of the United States. The current president and founder is William J. Yung III.

Pinnacle Entertainment

Pinnacle Entertainment, Inc. was an American gambling and hospitality company. It was acquired by Penn National Gaming in 2018. At the time of acquisition, it operated sixteen casino properties, located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Pennsylvania, and Ohio, and a horse track in Texas.

Icahn Enterprises L.P. is an American conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. The company is controlled by Carl Icahn, who owns 95% of it.

Ballys Lake Tahoe Hotel and casino located in Stateline, Nevada

Bally's Lake Tahoe is a casino hotel in Stateline, Nevada. It is owned by the Edgewood Companies and operated by Bally's Corporation. The property includes a 48,456 sq ft (4,501.7 m2) casino and a 438-room hotel on a 21-acre (8.5 ha) site. It is the home to the Ciera Steak + Chophouse. The entire property underwent a $25-million remodel in 2015, with all guest rooms, the casino, 1,200-seat showroom, and exterior being upgraded.

Laughlin River Lodge Casino hotel in Nevada, United States

The Laughlin River Lodge is a hotel and casino on the banks of the Colorado River in Laughlin, Nevada. It is owned and operated by Richard Craig Estey. The property includes a 41,000 sq ft (3,800 m2) casino and 1,000 hotel rooms in a 25-story tower. The resort has 653 slot machines and a bingo parlor.

Bally's Evansville is a casino hotel and entertainment complex in downtown Evansville, Indiana, owned by Gaming and Leisure Properties and operated by Bally's Corporation.

Hard Rock Hotel and Casino (Stateline) Hotel and casino in Stateline, Nevada, US

Hard Rock Lake Tahoe is a hotel and casino located in Stateline, Nevada. Also previously known as Sahara Tahoe and High Sierra resorts, it is one of four major casino hotels in Stateline. Horizon Lake Tahoe closed on April 1, 2014, to begin a $60 million renovation and rebranding as Hard Rock Lake Tahoe, which held its grand opening on January 28, 2015.

Park Place Entertainment

Park Place Entertainment, later named Caesars Entertainment, Inc., was a casino company based in Paradise, Nevada. For a time it was the largest casino operator in the world. It was formed in 1998 as a corporate spin-off of the gaming division of Hilton Hotels, and renamed as Caesars Entertainment in 2003. The company was acquired in 2005 by Harrah's Entertainment, which later took on the Caesars Entertainment name.

Tropicana Laughlin Hotel and casino in Laughlin, Nevada

The Tropicana Laughlin is a casino hotel in Laughlin, Nevada. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment. The hotel has 1,498 guest rooms and suites, located in the 12-story Casino Tower and the 24-story Promenade Tower. The casino has 1,050 slot machines and 21 table games. It includes the restaurants: The Steakhouse, Passaggio Italian Gardens, Carnegie's Café, Taqueria Del Rio, Poolside Café, Dips & Dogs and Victory Plaza.

Lumière Place

Lumière Place is a casino hotel in St. Louis, Missouri. It is owned by Gaming and Leisure Properties and operated by Caesars Entertainment.

Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 51 casino properties, all of which are leased to other companies.

Caesars Entertainment (2020) American gaming company

Caesars Entertainment, Inc., formerly Eldorado Resorts, Inc., is an American hotel and casino entertainment company founded and based in Reno, Nevada that operates more than 50 properties. Eldorado Resorts acquired Caesars Entertainment Corporation and changed its own name to Caesars Entertainment on July 20, 2020.

Vici Properties is a real estate investment trust (REIT) specializing in casino properties, based in New York City. It was formed in 2017 as a spin-off from Caesars Entertainment Corporation as part of its subsidiaries' bankruptcy plan. It owns 29 casinos, hotels, and racetracks and 4 golf courses throughout the United States.

Ballys Corporation

Bally's Corporation is a gaming, betting and interactive entertainment company headquartered in Providence, Rhode Island. It owns and operates 14 casinos across ten states, a horse track in Colorado and has access to online sports betting licenses in 14 states. Additionally, the company owns sports betting platform Bet.Works, daily fantasy sports operator Monkey Knife Fight, and SportCaller, a free-to-play game provider.

References

  1. Reuters
  2. Chasan, Emily (8 March 2010). "Tropicana casinos exit bankruptcy under Icahn deal". Reuters. Retrieved 17 March 2012.
  3. "Atlantic City's Tropicana sale to Carl Icahn done deal". Las Vegas Sun . Associated Press. 8 March 2010. Retrieved 18 March 2012.
  4. Wittkowski, Donald (26 August 2009). "Icahn-led group approved for Tropicana ownership". Press of Atlantic City. Retrieved 18 March 2012.
  5. Tangent Gaming (14 April 2011). "Tangent Gaming Announces Acquisition of Horizon Casino Hotel from Carl Icahn's Tropicana Entertainment Inc". Reuters. Archived from the original on 1 February 2013. Retrieved 18 March 2012.
  6. "New Casino Opens In Vicksburg". WAPT 16. 2 June 2011. Retrieved 18 March 2012.[ permanent dead link ]
  7. Chinn, Everett (April 29, 2012). "Fanfare planned for Trop opening". Delta Democrat Times. Greenville, MS.  via NewsBank (subscription required)
  8. Bill O'Driscoll (May 1, 2013). "Boomtown owner to acquire Laughlin hotel-casino". Reno Gazette-Journal. Retrieved 2013-05-01.
  9. "Agreement struck to sell River Palms". Laughlin Nevada Times. July 2, 2014. Retrieved 2014-07-06.
  10. "South Shore's Horizon Casino Resort to Close April 1".
  11. "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.
  12. Form 10-Q: Quarterly Report (Report). Tropicana Entertainment. May 3, 2016. p. 15 via EDGAR.
  13. "City Loses Trump Taj Mahal After 26 Years".
  14. Velotta, Richard N. (April 16, 2018). "$1.85B deal merges Tropicana Entertainment, Eldorado Resorts". Las Vegas Review-Journal. Retrieved 2018-04-23.
  15. "Icahn Enterprises L.P. announces definitive agreement to sell Tropicana Entertainment Inc. for $1.85 billion" (Press release). Icahn Enterprises. April 16, 2018. Retrieved 2018-04-23 via GlobeNewswire.
  16. 1 2 Form 8-K: Current Report (Report). Tropicana Entertainment. October 1, 2018. p. 2 via EDGAR.
  17. David Danzis (October 2, 2018). "Tropicana sale to Eldorado Resorts complete". Press of Atlantic City. Retrieved 2018-10-11.