Tropicana Las Vegas emerges from bankruptcy

By Associated Press
July 3, 2009 | Comments (0)

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Tropicana Las Vegas has emerged from bankruptcy protection with new owners.

Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas hotel-casino this week, as it completed its yearlong bankruptcy process, the Las Vegas Sun reported.

The new owners took over the property Thursday from the Las Vegas-based Tropicana Entertainment LLC.

The once-debt ridden casino emerged from bankruptcy with no debt, more than $10 million in cash and $75 million in commitments from its new owners and other equity holders to give the property some long-awaited upgrades.

The company is promising to complete renovations to the casino floor and hotel rooms in 2010.

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