The Tropicana Files For Bankruptcy
The owner of Tropicana casinos in Atlantic City and Las Vegas has filed for Chapter 11 bankruptcy protection. In December the New Jersey Casino Control Commission said that the company wasn't capable of running the Atlantic City operation in accordance with state law and the Tropicana lost it's license. That decision led to a funding crisis which eventually led to the bankruptcy filing. The company currently has reported assets of $2.8 billion and liabilities of $3.3 billion. The Tropicana in Atlantic City has to be sold by a state-appointed conservator, and the company will get the money from that sale, but the price may be lower than would usually be expected because of the current economy. The company may also sell other properties as the restructuring process continues.
(via Luxist)
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