🖐 Tropicana Casino & Resort Atlantic City - Wikipedia

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Tropicana Atlantic City is a casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and.


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Tropicana Atlantic City is a casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and.


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The Tropicana Las Vegas is not affiliated with any other Tropicana property or brand; however, the Las Vegas resort has a strategic partnership with DoubleTree.


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The Tropicana Las Vegas is not affiliated with any other Tropicana property or brand; however, the Las Vegas resort has a strategic partnership with DoubleTree.


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Casinos[edit]. The properties owned by the company at the time of its acquisition were: Belle of Baton Rouge — Baton Rouge.


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Tropicana Atlantic City is a casino hotel located on the beach and Boardwalk in Atlantic City, New Jersey. It is owned by Gaming and Leisure Properties and.


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The action of the Indiana Gaming Commission however, did not result in the Predecessors' loss of casino license or access to cash flows. The State of Maryland set a February deadline for bids to operate the five locations and received only four qualified bids to operate slot machines and no one bid for the fifth location. The Sale was. PART I. The nine properties we acquired through the Restructuring Transactions feature approximately , square feet of gaming space and 5, hotel rooms, serviced by approximately 7, full and part-time employees. Thereafter, the Steering Committee, the Trustee and Predecessors negotiated the terms of an asset purchase agreement the "Asset Purchase Agreement". Sands Casino Resort Bethlehem recently opened in May with approximately 3, slot machines. Registrant's telephone number, including area code: Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements might not occur or might occur to a different extent or at a different time than we have described. The nine casino facilities we currently operate include three casinos in Nevada, three casinos in Mississippi and one casino in each of Indiana, Louisiana and New Jersey, as follows:. Despite the efforts of the Trustee, no acceptable third-party offer was made to acquire Tropicana AC. In addition, an entity affiliated with Mr. On the Effective Date, the following actions occurred in the following order:. Thereafter, TEH, their officers, owner and other qualifiers continued with the lengthy process of obtaining a ruling from the NJ Commission that TEH was qualified to be a holding company of Adamar. Pursuant to the Restructuring Transactions our corporate structure is as follows:. In the initial bids received, potential operators bid for 6, of the total potential slot machines available. In addition, several casino operators are currently bidding for a license to operate a proposed 4, VLT facility at Aqueduct Racetrack "Aqueduct" ; however, the State of New York has not selected the winning bidder. During , certain of Adamar's competitors in Atlantic City completed significant room expansion projects and added other new amenities to their facilities. At this time we cannot ascertain when and if Revel's project will be completed. Second, the value of real estate, one of the Predecessors' primary assets, eroded across the country, sharply reducing the market value of the Predecessors' total assets. A compact negotiated in authorized three such facilities located in the western part of New York and outside of Adamar's primary market area. Adamar was not a party to the Predecessors' bankruptcy. Except where the context suggests otherwise, the terms "we," "us," "our," and "the Company" refer to Tropicana Entertainment Inc. As discussed above, at the time of the New Jersey License Denial, the Predecessors and Adamar's operating results were under significant financial pressure given the depressed state of the gaming industry and the increased leverage resulting from the Aztar Acquisition. Accordingly, the Predecessors proposed two separate plans of reorganization, one for Tropicana LV and related debtors and assets the "Tropicana LV Plan" and one for the Predecessors' other casino gaming properties the "Plan of Reorganization" or the "Plan". We believe that the legalization of live table games in Pennsylvania and the potential opening of additional slot parlors could further adversely impact Atlantic City casinos, including Tropicana AC. Additionally, various applications for casino licenses have been filed and announcements with respect thereto have been made from time to time in these areas. The agreement provides that annual payments made by the casinos to the NJSEA in each of through in order to subsidize horse racing would establish a moratorium on the conduct of casino gaming, including video lottery terminals "VLTs" at any New Jersey race track until January We cannot ascertain at this time the effects that any new projects could have on the Atlantic City gaming market. New York. Capitalized terms used in this section not otherwise defined have the meaning set for in the Plan. Prior to the Effective Date, the following actions occurred:. Contemporaneous with the pursuit by TEH of a qualification ruling, Adamar filed its application with the NJ Commission to renew its casino license. Documents Incorporated by Reference. It recently announced that it would slow construction on the project until it can secure long-term financing. No other properties or casinos were subject to the New Jersey License Denial. A fifth casino, purchased as part of the Aztar Acquisition and located in Missouri, was sold by the Predecessors in June Almost immediately after the Aztar Acquisition closed in January , a downturn in the economy adversely impacted the Predecessors' operations in three principal respects. These events ultimately culminated in the Delaware bankruptcy filing. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. The following describes each property that we acquired by their segment. A litigation trust the "Litigation Trust" was also created, to which the Predecessors contributed certain claims against their former equity owner, Mr. Atlantic City Market. In conformance with statutory requirements, the NJ Commission authorized the Trustee to endeavor to sell, assign, convey or otherwise dispose of Tropicana AC subject to any and all valid liens, claims and encumbrances, to a person who is appropriately licensed or qualified or able to obtain interim authorization from the NJ Commission to acquire Tropicana AC. The proceeds of the DIP Credit Facility together with cash generated from daily operations and cash on hand were used to fund post-petition operating expenses, including supplier obligations and employee wages, salaries and benefits.

Table of Contents. Entities affiliated with Mr. Competition from the Pennsylvania area slot machine facilities that are currently operational has adversely impacted Atlantic City casinos, including Tropicana AC.

Other amenities include a 2,seat showroom, a full service spa and salon, a health club and indoor pool, a beach and pool bar and approximatelysquare feet of meeting and affiliation casino tropicana space. On the Effective Date, the Predecessors' beneficial interests terminated, and beneficial interests representing affiliation casino tropicana Predecessors' prior share of the Litigation Trust will be distributed pro rata to the general unsecured creditors of the Predecessors once those claims are reconciled.

The following is a brief article source of competition in these five states. Additionally, at click times there have been discussions about allowing VLTs at the Belmont racetrack "Belmont".

In Septemberthe first location to win approval was the Ocean Downs Racetrack, which is expected to include slot machines that are anticipated to be in operation by Memorial Day Proposals affiliation casino tropicana the two remaining bids, including the two largest casinos envisioned by the state in Anne Arundel County and Baltimore, continue to face obstacles https://list.free-rub.ru/casino/escena-del-casino-suicide-squad.html could delay operations past planned openings in In MayDelaware approved sports betting, which is currently limited to parlay wagering on National Football League games, where bettors must win bets on multiple games.

The activation of the ICA Trust vested the Trustee of the ICA Trust the "Trustee" with all powers, authority and duties necessary to the unencumbered exercise of all rights incident to the ownership of the equity securities of Adamar.

These Yonkers, Aqueduct and Belmont locations are less than fifteen miles from Manhattan.

Restructuring Transactions. William Yung, certain entities controlled by Mr. This affected all aspects of the Predecessors' availability of financing. In addition, live table game legislation was introduced when the Delaware General Assembly reconvened in January

Icahn is the administrative agent and collateral agent under the Exit Facility. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Beneficial interests in the Litigation Trust represent the right to receive a portion of any net proceeds that are collected pursuant to the claims against Mr. For this reason, Adamar and its competitors have historically incurred substantial capital expenditures to compete effectively. Icahn, through several of its affiliates, became the beneficial owner of approximately Icahn, through several of his affiliates, became the beneficial owner of approximately The proceeds of the Term Loan Facility were used to repay certain indebtedness, including the DIP Credit Facility, to pay Bankruptcy Court-approved administrative claims and expenses, to provide for working capital, to pay fees and expenses related to the Exit Facility and for other general corporate purposes. Competition in Atlantic City is intense and continues to increase. However, future developments and expansions could have a material adverse effect on our business and operations. The legislation also authorized the Governor of New York to negotiate compacts authorizing the operation of up to six Native American casino facilities including slot machine gaming. ITEM 1. In November , Maryland voters passed a referendum to allow 15, slot machines at five locations across that state. Pursuant to legislation enacted in , the Division of the Lottery of the State of New York is authorized to permit the installation of VLTs at various horse racing facilities in New York. The Plan enabled the Predecessors' casinos to emerge from bankruptcy under an improved capital structure, while still being able to continue operations in the ordinary course of business. At this time, we cannot ascertain when and if. The Restructuring Transactions contemplated by the Plan involved the following steps. While Revel has obtained interim financing allowing it to commence certain work at the site, it has not yet received financing for its complete project. That pressure was exacerbated by the Predecessors' subsequent loss of control over, and cash flows from, Adamar, and by the appointment of the Evansville Attorney in Fact. No plan of reorganization was proposed in the Adamar Bankruptcy Cases due to the Sale. Through , Wimar had acquired interests in a number of casinos and resorts, including:. Tropicana AC is situated on a acre site with approximately feet of ocean frontage along the Boardwalk in Atlantic City, New Jersey. We believe that there are several other sites on the Boardwalk, in the marina district and possibly at Bader Field, a former airport located in Atlantic City, if that area is zoned for gaming, where casino hotels could be built in the future. The remaining three Native American casinos, if developed, are required by law to be located in either Sullivan County or Ulster County, adjoining counties less than miles northwest of Manhattan. The Company currently owns and operates a diversified, multi-jurisdictional collection of casino gaming properties. Third, the nation's credit markets drastically tightened, severely limiting the Predecessors' access to additional capital, especially given that the Predecessors' collateral package was largely based on real estate, as well as severely limiting the Predecessors' lenders' willingness to refinance the Predecessors' existing indebtedness. First, consumers cut back on their traveling and gambling, which caused a material and unprecedented drop in the Predecessors' revenue and operating cash flows as well as those of many of the Predecessors' competitors in the gaming industry. Trump Entertainment Resorts completed the construction of a new, room hotel tower at the Taj Mahal, the Chairman Tower in October Revel Entertainment Group "Revel" continues development on a acre, oceanfront site next to the Showboat Casino Hotel. Exact name of registrant as specified in its charter. In July , the Pennsylvania legislature enacted the Race Horse Development and Gaming Act which authorizes the Pennsylvania Gaming Control Board to permit a total of up to 61, slot machines in up to fourteen different licensed locations in Pennsylvania, seven at racetracks each with up to 5, slot machines , five at slot parlors two in Philadelphia, one in Pittsburgh and two elsewhere, each with up to 5, slot machines and two at established resorts each with up to slot machines. Icahn's ultimate control over our Common Stock on that date to The Plan of Reorganization, as amended, also provided for, among other things:. The Predecessors and Adamar viewed each city in which their casino properties are located as an operating segment and reported their results of operations separately for each city in which their casino properties were located. In addition, Pennsylvania approved the legalization of live table games in January The Pennsylvania Gaming Control Board is in the process of creating a regulatory framework with regard to table games and has estimated that it will take six to nine months before table games can become operational. The other Philadelphia slot parlor is expected to be managed by Wynn Resorts, Limited pursuant to a letter of intent and is subject to approval by the Pennsylvania Gaming Control Board prior to commencing construction. The Casino Aztar Sale was not consummated as a result of the prospective buyer's inability to finance its acquisition.