nder the terms of the plan of reorganization, all secured debt holders, of which Onex was the largest, received 100% of the equity in the resort property. Effective immediately, Yemenidjian, former President of MGM Mirage and Onex' partner in the gaming sector, has been appointed Chairman and Chief Executive Officer of Tropicana Las Vegas.
Located on 13.7 hectares at one of the busiest intersections in the world, the Tropicana Las Vegas is one of the oldest and best-known casinos in the United States. The property has more than 1,850 guestrooms, a 5,776 sqm casino, multiple restaurants, an 850-seat showroom and a signature five-acre tropical pool area.
Tim Duncanson, Managing Director at Onex, said, "We're very excited about partnering with Alex to rejuvenate the Tropicana Las Vegas. We believe this casino resort has tremendous potential and, with Alex's extraordinary talents, will become a strong competitor on the Las Vegas Strip."
The Tropicana Las Vegas emerges from bankruptcy with no debt, over us$ 10 million of cash, and commitments from Onex and certain other equity holders to invest at least us$ 75 million of capital to upgrade the property.
"I am delighted to have the opportunity to partner with Onex on returning such a storied property to its former glory," commented Yemenidjian. "With 25 years of active ownership experience, significant resources and business acumen, Onex is the ideal partner to transform the Tropicana Las Vegas."
A comprehensive renovation of the property is expected to commence later this year and will include refurbishing the resort's guestrooms, a new casino floor featuring all of the most in-demand slot machines and table games, an array of exciting dining experiences, and enhanced hotel amenities including the pool and spa facilities.
Additionally, Onex and Yemenidjian plan to reinvigorate the Tropicana Las Vegas with new entertainment, convention and banquet activity as well as a new nightclub. The renovation of the property is expected to be finished in 2010.