Fallout Continues From Atlantic City Denial For Tropicana Casinos
It has not been a good couple of weeks for Tropicana Entertainment LLC and the casinos they own. Last week, they were denied their license by Atlantic City. On Monday, they announced plans of selling more of their casinos.
Atlantic City officials denied Tropicana their license, claiming the casino could no longer provide the first class service that is required of casinos in New Jersey.
Monday, word spread of how Tropicana will sell their Casino Aztar in Evansville, Indiana. The sale will be to gain some momentum into the company plan of long term growth.
Their casino in Vicksburg, Mississippi is already under contract to be sold. The Atlantic City casino has drawn interest from over a half dozen buyers already.
"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," said William J. Yung lll, Tropicana's CEO and President.
