Tropicana Entertainment

Last updated
Tropicana Entertainment Inc.
Company type Public
OTCQB:  TPCA
Industry Gaming
PredecessorTropicana Entertainment LLC
Aztar Corporation
Columbia Sussex
FoundedMarch 8, 2010;14 years ago (2010-03-08)
DefunctOctober 1, 2018;5 years ago (2018-10-01)
FateAcquired by Eldorado Resorts and Gaming and Leisure Properties
Headquarters
Spring Valley, Nevada
,
U.S.

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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References

  1. ↑ "Carl Icahn sells Tropicana casinos in $1.85 billion deal". Reuters . 16 April 2018. Archived from the original on 2022-12-07.
  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.
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