Las Vegas NowNevada Gambling Panel OK's Tropicana Restructuring
Nevada gambling regulators have approved a management restructuring for bankrupt Tropicana Entertainment LLC.
The state Gaming Commission on Thursday unanimously approved letting the corporate owner of 11 U.S. casinos be put in the hands of a restructuring board and Tropicana chief executive Scott Butera.
A day earlier, Butera reached a tentative deal on a new contract with the powerful culinary and bartenders unions covering 750 workers at the company's Las Vegas Strip casino. The employees have been working on an extended contract since May 31, 2007.
Tropicana Entertainment plans to move its main offices from Crestview Hills, Ky., to Las Vegas while it restructures part of nearly $3 billion in debt stemming largely from its $2.1 billion buyout of Aztar Corp. in 2007.
Financial problems began after the company lost its license to operate the Tropicana Atlantic City in New Jersey and the economy slumped.
(Copyright 2008 by The Associated Press. All Rights Reserved.)
