Tropicana selling three casinos
Word of the sales came as the company made a crucial interest payment Monday on its credit agreement, and said it was working on reaching an agreement with its lenders that would prevent it from filing for bankruptcy.
"In short order, we have developed a plan to address recent challenges by selling our properties in Atlantic City, Evansville and Vicksburg in an orderly manner, retiring our senior credit facility, and positioning ourselves for long-term growth with what we hope will be a stronger balance sheet," said William J. Yung III, the company’s president and CEO.
New Jersey regulators denied a new license to the Tropicana last week, ruling that Kentucky-based owners Columbia Sussex Corp. were incapable of operating the kind of "first-class facility" required under state law.
A half-dozen potential suitors have already expressed interest in buying the facility, which includes New Jersey’s largest hotel at 2,129 rooms.
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