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Tropicana casino group files for bankruptcy

AFP,  Tuesday, May 6, 2008 at 10:37:54 AM

Las Vegas -- The owner of Tropicana Las Vegas Hotel and Casino filed for bankruptcy but promised to keep the roulette wheels cranking and the showgirls vamping while courts decide the company's fate.

Tropicana Entertainment LLC, owner of 13 casinos with 11,000 employees in five states including the resort in Las Vegas, blamed its inability to cover its debts on its license problems in Atlantic City, New Jersey.

A significant downturn in tourism, a drop in real estate values and a tightening of the credit market that made acquiring more debt impossible were also cited for the filing Monday.

"We ran into a perfect storm," Tropicana spokesman Hud Englehart told AFP. the source
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