US – Tropicana sells River Palms CasinoBy Phil - 3 July 2014
Tropicana Entertainment has agreed a sale and lease back transaction with Laughlin Hotel and Nevada Restaurant Services, through its subsidiary companies Columbia Properties Laughlin and CP Laughlin Realty.
The deal has seen CP Laughlin and CPL Realty sell all of the assets associated with the operation of the River Palms Casino in Laughlin, Nevada, for $6.75m in cash.
CP Laughlin leased back River Palms for a period of up to 90 days, subject to an additional 30 day extension, and further subject to earlier termination rights. Tropicana intends to terminate the lease and discontinue its operation of River Palms in September 2014.
Tony Rodio, President and Chief Executive Officer for Tropicana, said: “We are pleased to announce this transaction today. We have had River Palms on the market for some time and upon the closing of this transaction and the discontinuance of our operation of River Palms in September 2014, we will be able to focus our Laughlin efforts exclusively on our flagship property – Tropicana Laughlin.”
Craig Estey, President of Nevada Restaurant Services, added: “Nevada Restaurant Services is excited about the opportunity to operate the River Palms in the Laughlin market and looks forward to re-opening the facility quickly after a temporary closure while renovations and improvements are made to the property.”
Tropicana is a publicly traded company that, through its subsidiaries, owns and operates eight casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, Missouri, New Jersey and Aruba. Tropicana properties collectively have approximately 5,500 rooms, 8,000 slot positions and 270 table games. The company is based in Las Vegas, Nevada.