Tropicana Casino Emerges From Bankruptcy Debt Free

Casino News - January 29th, 2010 - Written By Glen

The casino industry in America has taken a serious flogging from the recession, pounding many of the casinos into more debt than is manageable. Tropicana Entertainment was one of the casino companies that had filed bankruptcy and is the first to emerge from the bankruptcy courts.

Tropicana Entertainment had been given a clean slate, wiping away the company's debt. Billionaire Carl Icahn has taken over the company, and has put up $150 million dollars in order to pay off creditors and refurbish some of the properties.

The bankruptcy process is expected to end this month, and job security has been granted to those who had previously afraid of losing their employment in the MontBleu in Lake Tahoe and the Tropicana and River Palms in Laughlin.

Trouble had stricken Tropicana when, in December of 2007, New Jersey's gaming commission had revoked the license held by the Tropicana Casino in Atlantic City. This forced Tropicana's hand into selling their most profitable property.

While revenue is still down for many casinos around the nation, many of these gaming operators are negotiating with debtors to avoid bankruptcy. Unfortunately for those established casinos, new competition is springing up all over the nation. Particularly for Atlantic City, this competition may prove to hamstring their revenue. Pennsylvania's recent casino expansion may deal a final blow to some of the casinos in Atlantic City, though the true damage will not be experienced until table games have been introduced and established.
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Thankfully, however, the Most Trusted Online Casinos remain steadfast in their dedication to fair gaming and consistent profits.

The Las Vegas Sun contributed to this article.