Tropicana Casino In Atlantic City Files For Chapter 11
Company Unable To Squeeze Out Profits, Doesn’t Have Enough Juice With Regulators to Halt License Suspension
The Tropicana Casino in Atlantic City today filed for bankruptcy listing assets of $2.8 billion and liabilities of $3.3 billion.
The seeds of the Chapter 11 filings were planted back in December when the New Jersey Casino Control Commission determined “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.”
Casino owners challenged the state law citing the massive irony of New Jersey trying to require anything associated with the state to be “first-class.”
Shares of the company were pounded to a pulp as investors tried to pour their funds into other more fruitful endeavors.
Company officials say the filing will give them time to peel off sections of the company that are profitable and said they hope to squeeze out a positive net income in the company’s fiscal year which runs until the first frost.
Union leaders were caught by surprise by the move and were said to be “pithed” over the latest developments.
Most analysts viewed the unions criticism as sour grapes, saying it didn’t mix well with the company’s overall outlook.
Company spokesperson Anita Bryant called the bankruptcy filing a sad moment for the once thriving casino adding, “It’s like a day without sunshine.”
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Tropicana declares bankruptcy. How do you like them apples oranges?
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