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

Delayed Quote. Delayed  - 09/30 09:57:50 pm
23.75 USD   +3.26%
08/03 CARL ICAHN : Icahn to close Trump Taj Mahal casino in Atlantic City
08/03DJTrump Taj Mahal to Shut Down After Labor Day Weekend
07/19 TROPICANA ENTER : breaks ground on land-based casino
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Icahn Enterprises LP : Trump Taj Mahal to close after Labor Day

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08/08/2016 | 06:00am CEST

Struggling casino will be latest to shut in Atlantic City after benefits stalemate between union, Icahn Enterprises

Amid an ongoing labor strike, the owners of the Trump Taj Mahal announced last week that they plan to close the Atlantic City casino after the end of the upcoming Labor Day weekend.

According to Tropicana Entertainment CEO and President Tony Rodio, the Taj is already losing ''multimillions a month" and that, coupled with the latest union strike, "We see no path to profitability."

Tropicana Entertainment acts as the management company for the Taj. It is owned by Icahn Enterprises.

Almost 1,000 members of Unite Here Local 54 began a strike July I in response to what they view as inferior benefits ineluded in recent contract negotiations.

"Unfortunately, we've reached the point w'here we have will to have to close the Taj after Labor Day weekend and intend to send WARN notices before this weekend," Rodio said.

Rodio added that, if the union had decided to end the strike and accept the health care package that has been proposed to it, the Taj w'ould still be losing money but "at least there would be hope."

In a statement, Local 54 President Bob McDevitt called the casino's plan a "petty" move by the "one-dimensional" Carl Icahn, head of Icahn Enterprises.

"The great deal-maker would rather burn the Trump Taj Mahal down just so he can control the ashes," said McDevitt. "For a few' million bucks, he could have had labor peace and a content workforce, but instead he'd rather slam the door shut on diese long-term workers just to punish them and attempt to break their strike."

Though his name continues to adorn the building, Republican presidential nominee and real estate mogul Donald Trump no longer has an ownership stake in the casino, and has not for several years.

If the Taj does shutter this fall, it will follow the closings of the Atlantic Club, Showboat, Trump Plaza and Revel in 2014, which rocked Atlantic City's casino industry. In early July, Showboat reopened as a nongaming hotel after being acquired by Philadelphia developer Bart Blatstein.

E-mail to: andrewg@njbiz.com

On Twitter: @andrgeorge

Copyright Journal Publications Inc. Aug 8, 2016, source Journals

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Latest news on TROPICANA ENTERTAINMENT IN
08/08 ICAHN ENTERPRISES LP : Trump Taj Mahal to close after Labor Day
08/03 CARL ICAHN : Icahn to close Trump Taj Mahal casino in Atlantic City
08/03DJTrump Taj Mahal to Shut Down After Labor Day Weekend
08/02 TROPICANA ENTERTAINMENT : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL COND..
07/19 TROPICANA ENTERTAINMENT : breaks ground on land-based casino
07/18 BRIEF : Project management company hired for land-based casino project
07/13 THE LATEST : Striking Taj workers question health care offer
07/12 TROPICANA ENTERTAINMENT : TWO NEW TABLE GAMES ANNOUNCED AT TROPICANA; Two New Ta..
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Financials ($)
Sales 2014 -
EBIT 2014 -
Net income 2014 -
Debt 2014 -
Yield 2014 -
P/E ratio 2014 -
P/E ratio 2015 -
Capi. / Sales 2014 0
Capi. / Sales 2015 -
Capitalization 620 M
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Tropicana Entertainment In Technical Analysis Chart | TPCA | US89708X1054 | 4-Traders
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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
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