Tropicana Files For Chapter 11 Protection

[Kor37 9]

Tropicana Files for Chapter 11 Protection

By WAYNE PARRY,AP

Posted: 2008-05-06 10:29:25

ATLANTIC CITY, N.J. (May 6) - The owner of Tropicana casinos in Atlantic City and Las Vegas has filed for Chapter 11 bankruptcy protection, nearly five months after New Jersey regulators stripped the Tropicana Casino and Resort of its license.

 

http://www.aolcdn.com/aolnews_photos/07/01...506065409990028

 

Tropicana Entertainment LLC said Monday it plans to continue operating its remaining properties throughout the country, including the famed Tropicana Casino and Resort on the Las Vegas strip, and will keep current staffing levels.

 

The company was buffeted by a chain of events that began Dec. 12 when the New Jersey Casino Control Commission determined that the company was incapable of running the "first-class operation" required by state law and stripped the Tropicana in Atlantic City of its casino license after less than a year.

 

That touched off a funding crisis that the company desperately struggled to fend off until filing for protection in U.S. Bankruptcy Court in Delaware, listing assets of $2.8 billion and liabilities of $3.3 billion.

This has made my day! This place deserves to go bankrupt. I stayed in this dump last year in Atlantic City and it was the worst hotel experience I've ever had.

- We arrived at 3:30 in the afternoon only to find out our room wasn't ready.

- The room safe was locked. We called to have it unlocked. Nobody ever came.

- There was no hotel directory in the room. We called to get one. Nobody ever came

- At 7:00 am the next morning, a woman just came into our room. She had a key and was told by the hotel that this was her room.

- While gambling in the casino, their computer system broke and the payout function on all the slot machines stopped working. They told nobody and allowed people to continue playing.Nobody realized anything was up until the service lights started blinking on all the machines when you tried to get your money. In order for us to get our money, you had to have a casino rep write you a handwritten ticket on which he wrote about 10 pages of stuff. They had about 4 of these people to handle hundreds of people. People waited hours to get paid.

- During this time, someone noticed that the elevators were shaking badly when in use. No announcement was made and the elevators were not shut down.

 

the New Jersey Casino Control Commission determined that the company was incapable of running the "first-class operation"

THATS the understatement of the year!

[trekz 7]

That sounds awful Kor! Was it an old hotel in Atlantic City that they purchased, or just a bad new one?

[A l t e r E g o 9]

Maybe if they wouldn't charge $5 for a half gallon of OJ then people could afford to buy it and they'd still be in business!

 

Oh, wait, wrong topic; never mind.

[Kor37 9]

That sounds awful Kor! Was it an old hotel in Atlantic City that they purchased, or just a bad new one?

No.....The Tropicana in Atlantic City is one of the newer modern hotel/casinos right on the boardwalk. Just poor management.

[VaBeachGuy 12]

Sounds like a fun place to stay... guess I know where I won't be staying in Vegas lol