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Posted At : January 14, 2009 12:59 PM | Posted By : D McKee
Related Categories:
Penn National,MGM Mirage,Tropicana Entertainment,Regulation,The Strip,Atlantic City
That poor Tropicana Las Vegas, you could say the whole place is an afterthought these days. The old gal sure deserves better than what she's seen of late. Anyway ...
Seeing how CEO Scott Butera's business plan makes minimal provision for reinvesting in the LV Trop and the first iteration of his reorganization plan spins it off into a separate entity, it sure looks like they're shopping the place, doesn't it? Too bad that Penn National has already turned up its nose at the Trop. MGM Mirage even snubbed it by saying a Trop acquisition hadn't been considered -- not "decided against," not "not discussed," but beneath consideration. Owww! Is that any way to treat a lady of a certain age?
It'd be one of the all-time "fixer upper" acquisitions and with so many more-state-of-the-art, sexier Strip resorts potentially up for grabs (including the eternally available Rio), the market would appear to be saying, "Not now." If Butera could get even $500 million for it this year, I'd be gobsmacked.
"No more Bill Yung, honest." With Butera having earmarked more than half of his proposed $275 million reinvestment money for the Tropicana Atlantic City, he's making what has the distinct sound of a last-ditch plea to the New Jersey Casino Control Commission. As bad as things are in Atlantic City, there's not much Tropicana Entertainment without the A.C. Trop, so he's got to play this hand right down to the end. Once the Trop goes to the bankruptcy auction, Butera's out of the game.
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