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Posted: 4:34 PM Jul 3, 2009
Tropicana Has New Owners, is Out of Bankruptcy
Former MGM Mirage President at Helm Tropicana Las Vegas has emerged from Chapter 11 bankruptcy with new owners.
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LAS VEGAS (AP) - Tropicana Las Vegas has emerged from Chapter 11 bankruptcy with new owners.
Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas hotel-casino this week, as it completed its yearlong bankruptcy process.
The new owners took over the property Thursday from the Las Vegas-based Tropicana Entertainment LLC.
The once-debt-ridden casino emerged from bankruptcy with no debt, more than $10 million in cash and $75 million in commitments from its new owners and other equity holders to give the property some long-awaited upgrades.
The company is promising to complete renovations to the casino floor and hotel rooms in 2010.
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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