Posted by: Drew | May 6, 2008

News Update: Tropicana Operating Normally Despite Rumors

TROPICANA ATLANTIC CITY OPERATING NORMALLY WHILE
FORMER CORPORATE PARENT SEEKS CHAPTER 11 PROTECTION

ATLANTIC CITY, N.J., May 5, 2008 — Tropicana Atlantic City, one of the East Coast’s leading casino, entertainment and resort destinations, today said that it is not part of the Chapter 11 filing by its former corporate parent, Tropicana Entertainment, LLC, and is continuing normal operations.

Mark Giannantonio, President and Chief Operating Officer of Tropicana Atlantic City, said: “I want to emphasize that Tropicana Atlantic City is not part of our former parent company’s Chapter 11 filing. The hotel and casino operations of Tropicana Atlantic City continue in a completely business-as-usual manner.”

“Our continuing and successful efforts to assure our customers of the highest-quality hotel, entertainment and casino experience are in full swing and receiving high praise from reviewers and customers alike.”

Among current initiatives, Tropicana Atlantic City will continue a rebuilding program that includes the May 15th grand opening of a new slot area, “Havana Roof Top Slots,” the most extraordinary slot environment in Atlantic City. Other current initiatives include the forthcoming, much anticipated grand opening on Memorial Day weekend of the Casino’s new Rumba Lounge, which will include entertainment and video slots and will overlook the Casino floor.

Mr. Giannantonio continued, “Financially, Tropicana Atlantic City has more than adequate liquidity to meet our current and future operating needs, and we fully intend to meet all of our obligations to employees, vendors and customers alike. In short, today’s action by Tropicana Entertainment should not affect any aspect of our operations.”

Tropicana Atlantic City has not been controlled by Tropicana Entertainment since December 12, 2007, when former New Jersey State Supreme Court Justice Gary S. Stein was appointed to oversee Tropicana Atlantic City’s operations as trustee and later as conservator following the denial of an operating license to its now-former owner, William J. Yung, III.

As previously announced, Justice Stein has been charged by the New Jersey Casino Control Commission with selling Tropicana Atlantic City. Justice Stein is currently engaged in discussions with advisors to lenders under Tropicana Entertainment’s Senior Credit Facility and holders of its 9 5/8% Senior Subordinated Notes concerning the best means of effecting such a sale in order to maximize the value of Tropicana Atlantic City.

Thanks to Diane Spiers for the Press Release

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