Tropicana Slots Resort Company Files for Bankruptcy - 05-13-08

May 13 - When Tropicana Entertainment lost its license to operate in Atlantic City last year, due to poor performance and staff problems, many slots fans were clearly disappointed. The Tropicana, which had been running the resort for less than a year, had been a promising destination for those seeking exciting slots entertainment, including over 3800 games in specially themed areas such as Havana Rooftops and the Crystal Room.

But even further bad news has evolved from Tropicana Entertainment after the company was forced to file for bankruptcy this week, a move that will undoubtedly effect all 11 of its casinos and resorts around the United States. Tropicana Entertainment, a privately owned company, employs 11,000 staff at resorts in areas including Mississippi, Louisiana, New Jersey and Nevada.

The company's assets are allegedly worth $2.8 billion, not enough to offset its growing debts that now equal $3.3 billion.

Most of Tropicana's problems have been blamed on the poor performance of the Atlantic City resort, which is due to be sold on June 9th of this year. However, a volatile market, a national housing crisis and other problems also contributed to Tropicana's financial woes. "We ran into a perfect storm," said a Tropicana spokesman, Hud Englehart.

While the future of the company is unclear, including whether a judge will order a new owner for the company to be found, Tropicana has made it clear that they will do everything in their power to ensure that there will be no staff layoffs and that all loyalty programs would be honored.

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