Tuesday, May 5, 2009 | 2:13 p.m.
- Tropicana creditors want Vegas property split from company (3-24-2009)
- Tropicana could emerge from Chapter 11 in May (3-6-2009)
- Tropicana hires branding firm to focus on value (2-3-2009)
- Plan would give Tropicana creditors ownership stake (1-13-2009)
- Tropicana names president of Vegas resort (1-6-2009)
- Tropicana conservator enters negotiations on N.J. property (9-23-2008)
- New blood helped Tropicana, union heal old wounds (8-27-2008)
Tropicana Entertainment, owner of the Tropicana Las Vegas, announced today that a federal bankruptcy court in Delaware has approved its bankruptcy plan.
The reorganization, which includes $150 million in exit financing from Carl Icahn's Icahn Capital LP, will eliminate about $2.4 billion in debt and save Tropicana $125 million a year in interest payments, Tropicana said.
"We are quite pleased with the results of what was a very successful and efficient reorganization process," said Tropicana Entertainment CEO Scott C. Butera. "We are now equipped not only to endure the economic circumstances facing the casino gaming industry today, but also to take advantage of opportunities as the industry rebounds in the years ahead."
Tropicana got creditor approval to split into two companies. One company includes its assets outside of Las Vegas while the other consists of Tropicana Las Vegas, each owned by separate creditor groups.
Tropicana Las Vegas sits on the south-east corner of Tropicana Avenue and Las Vegas Boulevard, an intersection which has the most adjacent hotel rooms in the world, also making it one of the most busy. The hotel has 1,658 rooms, three restaurants, a 62,011-square foot casino and a spa.