Tropicana Las Vegas Headed for Bankruptcy
Las Vegas Tropicana casino owner, Kentucky-based Tropicana Entertainment LLC, missed a Friday interest payment on a $1.32 billion loan with lender Credit Suisse and the word in the street says the property will be in chapter 11 bankruptcy as early as today. What effect this will have on the day-to-day operation of the old Vegas property is unknown at this time.
Once the tropical jewel of the Las Vegas strip, the property has suffered the ravages of age in recent years as the new generation mega resorts have siphoned away the customer base resulting in the current financial woes. With $2.67 billion in debt this will be the largest corporate bankruptcy this year. The company has 11,000 employees at their small Mississippi River casinos and the Tropicana Resort & Casino on the Las Vegas Strip.
Complete details are available at the Wall Street Journal Online.
