Tropicana Entertainment seeks protection under Chapter 11

TEL AVIV (MarketWatch) — The Tropicana Entertainment LLC subsidiary of Tropicana Casinos & Resorts said late on Monday that it filed for protection from creditors under Chapter 11 of federal bankruptcy law. Nine of the 11 properties Tropicana Entertainment owns directly are included in the petitions. Excluded are its Atlantic City, N.J., casino and resort and its Lighthouse Point Casino in Greenville, Miss. Also excluded are two casinos owned by parent Tropicana Casinos & Resorts: the Amelia Belle in Amelia, La., and the Westin Casuarina Las Vegas Hotel, Casino & Spa. Tropicana Entertainment, Crestview Hills, Ky., said it would maintain staffing — it employs more than 11,000 people — and has secured $67 million in debtor-in-possession financing to supplement its working capital. The DIP funding is from Silver Point Finance LLC of Greenwich, Conn. Cash flow from operations is positive, the company said.
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