Tropicana Entertainment LLC to re-open Sale for Riverboat Casino, Casino Aztar
Tropicana Entertainment LLC is to re-open the sale for their riverboat casino, Casino Aztar. Tropicana is hoping to get a better price for this casino in Evansville, Ind
On Friday, Tropicana filed a motion with the U.S. Bankruptcy Court in Delaware requesting approval to seek a new buyer for the riverboat casino. The company had negotiated a tentative deal with Eldorado Resorts LLC earlier, but said that it felt that it could draw a higher bid; specifically with new management in place.
Tropicana’s CEO Scott Butera said in a news release:
“We are committed to obtaining maximum value for our assets and doing what is right for all of our constituents,”
Former CEO William Yung resigned from Tropicana in June eralier this year when the casino operator filed for Chapter 11 bankruptcy. Yung also went on to resigne from the board of directors.
Tropicana is reported to be canceling its management services contracts with Yung’s Columbia Sussex Corp. and moving its headquarters to Las Vegas.
If Tropicana does gain court approval to re-open bids, and sells to another buyer, it will be required to pay Eldorado a $6.6 million break-up fee, and reimburse expenses up to $500,000.
