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Tropicana Entertainment has reportedly filed for bankruptcy after having their New Jersey casino license revoked last year.
Scott C. Butera, President has stated that the bankruptcy filing will allow the company to take a breathing spell and to move on after getting their debt under control.
The company has stated that their other casino and resort properties are making enough money to keep the company afloat and they expect to carry on and do not expect many job cuts.
Their bankruptcy is the biggest to be filed so far this year, and comes at a time when the US is heading towards a slow down in their economy.
To continue their day to day operations, they will be financing themselves and also will be using up to $67 million in debtor-in-possession financing from Silver Point Finance LLC.
There is a total of 9 properties filed under the bankruptcy filing: The Tropicana Casino & Resort in Las Vegas; Bayou Caddy’s Jubilee Casino in Greenville, Miss.; Casino Aztar in Evansville, Ind.; Horizon Casino Hotel in Vicksburg, Miss.; Horizon Casino Resort and the MontBleu Resort Casino & Spa, both in Lake Tahoe, Nev.; the Tropicana Express Hotel & Casino in Laughlin, Nev.; River Palms Resort & Casino in Laughlin, Nev.; and the Sheraton Hotel and Belle of Baton Rogue Casino in Baton Rouge, La.
