Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Tropicana Entertainment Inc    TPCA

TROPICANA ENTERTAINMENT INC (TPCA)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancials 
News SummaryMost relevantAll newsSector newsTweets
The feature you requested does not exist. However, we suggest the following feature:

Tropicana Entertainment : Once near death, Tropicana now No. 2 casino in Atlantic City

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/17/2018 | 03:01pm CET

ATLANTIC CITY, N.J. (AP) — Ten years ago, Atlantic City's Tropicana casino was on the verge of death, having been stripped of its casino license after its then-owners laid off vast swaths of the workforce, leading to filthy rooms, insect infestations, hourlong waits for slot machine payouts and food and drink orders that often never arrived.

Now, after years of reinvesting in and renovating the casino floor, hotel rooms and eateries, the Tropicana has become the No. 2 casino in the city in terms of gambling revenue — a position it will need to fight to retain as two additional casinos open on the Boardwalk this summer.

"It's an incredible difference and transformation," said Tony Rodio, president of Tropicana Entertainment. "Employee morale was at an all-time low, customers were not happy with the facility and how it was being managed and were leaving in droves and revenues were declining on a monthly basis. Fast-forward 10 years to where we are today, I couldn't be prouder of what we've been able to accomplish over that time."

The Tropicana ended 2017 second among Atlantic City's seven casinos in terms of total gambling revenue with $390 million, trailing only the perennial market leader Borgata, which had more than $800 million. Internet gambling winnings worth $42.5 million helped Tropicana pass Harrah's, which had long been the city's No. 2 casino in overall revenue.

Eugene and Ruth Lee, of West Orange, enjoyed a recent stay at Tropicana, during which Ruth won $75 playing poker.

"We like the restaurants here," she said. "The variety of food is very good."

"And they send us comps for free rooms," added Eugene.

Not that everything is perfect. On Wednesday, a guest set up an illegal methamphetamine laboratory in a Tropicana hotel room, starting a fire that forced the temporary evacuation of four floors and injuring two people: the man charged with drug and other offenses, and a hotel worker who entered the room. The casino said the rooms were cleaned and inspected after a State Police haz-mat team dismantled the lab, and would be ready for occupancy again on Friday.

Ten years ago, the trouble started under the Tropicana's former owners, Kentucky-based Columbia Sussex Corp, which laid off 900 workers — about a quarter of the staff — leaving it dirty and understaffed.

The woes were typified in a letter from a group that had its national convention at the Tropicana, and wrote a letter of complaint afterward. Nelson Fabian, head of the National Environmental Health Association, wrote of cockroaches in rooms, bedbugs, dirty dishes left in hotel hallways for days and one guest who came into a room only to see housekeeping staff eating food he had left in the room.

"I noticed as I walked across the tile floor that I almost lost my shoes, the floor was so sticky," Fabian wrote.

The Casino Control Commission stripped the Tropicana's casino license, which can be the death penalty for an Atlantic City casino. But it allowed the casino to continue operating while new owners were sought.

In March 2010, billionaire investor Carl Icahn bought the Tropicana from bankruptcy court and began reinvesting in the property and hiring a new management team. Since 2012, Tropicana Entertainment has plowed $200 million into the property, re-doing most hotel rooms and the casino floor, adding restaurants, and buying the adjacent 330-room Chelsea hotel.

"I'm very impressed with what Tropicana has done over the last 10 years," said Steve Norton, a former Atlantic City casino executive-turned-casino analyst. "They didn't have the funds to do what they needed to do, and Icahn's money has made a big difference there."

Bob McDevitt, president of Local 54 of the Unite-HERE union, waged a bitter labor war with Icahn over another of his casinos, the former Trump Taj Mahal, where a strike over benefits ended with Icahn closing the casino in October 2016, putting nearly 3,000 people out of work.

But McDevitt praised Icahn for hiring many former Taj Mahal workers at the Tropicana, and for reinvesting in the property.

"We had a major fight with Carl Icahn at the Taj Mahal, but I'm not going to be a hypocrite and ignore the fact that the Tropicana is one of the best-run properties in the industry," he said. "They systematically have made it better and better."

Follow Wayne Parry at http://twitter.com/WayneParryAC

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed., source Associated Press News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on TROPICANA ENTERTAINMENT IN
02/17TROPICANA ENTERTAINMENT : Once near death, Tropicana now No. 2 casino in Atlanti..
AQ
2017TROPICANA ENTERTAINMENT : Skywalk between Tropicana and former Chelsea hotel set..
AQ
2017TROPICANA ENTERTAINMENT : Council OKs Trop skywalk to former Chelsea Skywalk bet..
AQ
2017TROPICANA ENTERTAINMENT : Chamber hosts A.C. casino panel Chamber to host casino..
AQ
2017TROPICANA ENTERTAINMENT : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL COND..
AQ
2017TROPICANA ENTERTAINMENT : MBCA to honor Tropicana Casino and Resort tonight
AQ
2017TROPICANA ENTERTAINMENT : New $50 million Tropicana Evansville casino comes asho..
AQ
2017TROPICANA ENTERTAINMENT : Best viewing locations to watch the miss america show ..
AQ
2017TROPICANA ENTERTAINMENT : A.C. clears way for new skyway AC council clears way f..
AQ
2017TROPICANA ENTERTAINMENT : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL COND..
AQ
More news
News from SeekingAlpha
01/24The NBA gives an assist to sports betting push 
01/083 Stock Picks According To This Quantitative Strategy 
2017Tracking Carl Icahn's Portfolio - Q3 2017 Update 
2017Tracking Carl Icahn's Portfolio - Q2 2017 Update 
2017TROPICANA : Value Still Left On The Table 
Chart TROPICANA ENTERTAINMENT IN
Duration : Period :
Tropicana Entertainment In Technical Analysis Chart | TPCA | US89708X1054 | 4-Traders
Income Statement Evolution
Managers
NameTitle
Anthony P. Rodio President, Chief Executive Officer & Director
Carl Celian Icahn Chairman
Theresa A. Glebocki Chief Financial Officer, Treasurer & Executive VP
Daniel A. Cassella Independent Director
Daniel H. Scott Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TROPICANA ENTERTAINMENT INC0.76%1 173
LAS VEGAS SANDS CORP.7.14%58 851
MGM RESORTS INTERNATIONAL3.14%19 498
WYNN RESORTS-2.63%16 873
GENTING SINGAPORE PLC-6.06%11 483
TABCORP HOLDINGS LIMITED-20.79%7 087