Tropicana Makes Interest Payment
DECEMBER 18, 2007. Tropicana Entertainment, LLC said today that it made its scheduled semi-annual interest payment on its 9 5/8% Senior Subordinated Notes due today and that it is attempting to reach an agreement with its lenders that will allow for an orderly sale of the Tropicana Resort and Casino in Atlantic City and Casino Aztar in Evansville, Indiana.
The proceeds from the sales of the two properties, along with those from the sale of the company's casino in Vicksburg, Mississippi, which is under contract with Nevada Gold & Casinos, Inc., are expected to be sufficient to pay Tropicana's outstanding senior debt. Any remaining proceeds will be reinvested in the company's business.
The company has engaged an independent investment bank to act as its financial advisor in connection with its continuing negotiations with its lenders to obtain a forbearance with respect to the decision by the New Jersey Casino Control Commission to deny the Company's gaming license renewal application for its Atlantic City casino.
"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, Chief Executive Officer and President of Tropicana Entertainment. "We intend to continue to work cooperatively with lenders and regulators to implement a plan that will serve the best interests of our debt holders and our company."
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