Tropicana Owners to Court

11/03/2008		Tropicana Owners to Court
Home History Games News Dictionary		Tropicana Casino and Resort, under the umbrella name Tropicana Entertainment, has been looking for a buyer to get them out of the bankruptcy fix the found themselves in this year. As progress was finally being made, however, the previous owner(s) of the Tropicana empire stepped forth to claim their rights and withdrawal the properties from the market. Tropicana Entertainment, who is led by CEO Scott Butera, has filed with the Delaware court of bankruptcy that they be returned their license to reopen the casino, citing that the conditions which resulted in the company giving up their license no longer apply: including the key resignation of William Yung from the Board of Directors. The request comes at a most inopportune time for the buyer, reportedly the Cordish Company who was set to purchase the corporation for $700 million. Trustee Gary Stein had announced the winner for the second round of bids, after he was granted permission to pursue another round of buyers when the first offers came in at too low of prices. The Cordish Company’s bid was accepted and the case had moved on to the US Bankruptcy Court in order to transfer Tropicana Entertainment into their name, when the request was received in Delaware. Since the newest developments, the case has been transferred to the New Jersey Supreme Court, and will be heard there. It is here that the court will decide whether or not to renew the State’s Gaming Commission’s license with current owners of Tropicana Entertainment, or to honor the Cordish agreement. The process could take up to a year, and in the meantime, no changes will be seen as to the management of the casino and resort.

11/03/2008

Tropicana Owners to Court

Tropicana Casino and Resort, under the umbrella name Tropicana Entertainment, has been looking for a buyer to get them out of the bankruptcy fix the found themselves in this year. As progress was finally being made, however, the previous owner(s) of the Tropicana empire stepped forth to claim their rights and withdrawal the properties from the market.

Tropicana Entertainment, who is led by CEO Scott Butera, has filed with the Delaware court of bankruptcy that they be returned their license to reopen the casino, citing that the conditions which resulted in the company giving up their license no longer apply: including the key resignation of William Yung from the Board of Directors. The request comes at a most inopportune time for the buyer, reportedly the Cordish Company who was set to purchase the corporation for $700 million. Trustee Gary Stein had announced the winner for the second round of bids, after he was granted permission to pursue another round of buyers when the first offers came in at too low of prices. The Cordish Company’s bid was accepted and the case had moved on to the US Bankruptcy Court in order to transfer Tropicana Entertainment into their name, when the request was received in Delaware.

Since the newest developments, the case has been transferred to the New Jersey Supreme Court, and will be heard there. It is here that the court will decide whether or not to renew the State’s Gaming Commission’s license with current owners of Tropicana Entertainment, or to honor the Cordish agreement. The process could take up to a year, and in the meantime, no changes will be seen as to the management of the casino and resort.