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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.
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