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Tropicana Entertainment has filed for bankruptcy protection. Scott C. Butera, the company's President, said that the filing provides "an opportunity to take a break spell" and get the company's debt under control.
In early May, Tropicana Entertainment LLC filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code. "This filing, which is the next step in an ongoing reorganisation process, will enable us to emerge as a better, stronger company," a statement on its website explained.
The filing includes only the nine properties directly owned by Tropicana Entertainment LLC and excludes Tropicana Atlantic City Casino and Resort, and Lighthouse Point Casino. Properties directly owned by Tropicana Casinos & Resorts, Inc. also are unaffected.
In April Tropicana Entertainment LLC appointed Robert Kocienski senior vice president, chief financial officer and treasurer.
"Bob is a respected, well-known and experienced gaming executive and his appointment is a great addition to our management team," said Tropicana President Scott C. Butera.
"His gaming industry and financial expertise will be valuable assets to Tropicana."
Kocienski has a diversified background which includes senior-level experience in finance and operations. Most recently, he served as CFO of the Cosmopolitan Resort & Casino in Las Vegas, where he oversaw the transition from construction phase to operations phase. Kocienski served as executive vice president and CFO for the Mirage Hotel and Casino Resort from 2000 to 2003 and the Golden Nugget Las Vegas from 1992 to 2000.
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