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Tropicana House of Cards Further Implodes

By Chuckmonster on Monday, 17th December 2007 5:57pm
  » filed under Atlantic City  comments: 0

   

Recently deposed owner of the Tropicana Atlantic City, Tropicana Casino Resorts (aka Columbia-Sussex) announced that they are selling a bunch of their riverboat operations in an attempt to prevent it from filing for bankruptcy. It's probably a pretty safe bet that the Tropicana Las Vegas renovation plans are on indefinite hold, although we have zero evidence to prove this.

Among the properties TCR will be unloading are Casino Aztar Evansville, Indiana and Horizon Vicksburg (formerly Harrah's).

"In short order, we have developed a plan to address recent challenges by selling our properties in Atlantic City, Evansville and Vicksburg in an orderly manner, retiring our senior credit facility, and positioning ourselves for long-term growth with what we hope will be a stronger balance sheet," William J. Yung III, the company's president and CEO.

According to the Press of AC, a "half dozen" parties have expressed interest in purchasing the Tropicana Atlantic City.

Harrah's, no
Colony Capital (AC Hilton) maybe
MGMMirage doubtful
Pinnacle maybe
Wynn doubtful
Boyd possibly
Trump no way in hell
Isle of Capri maybe
Crown... interesting.



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