River Palms Casino to close temporarily in SeptemberJuly 17, 2014 9:01 AM by Staff & Wire Reports
Tropicana Entertainment Inc. announced its $6.75 million cash sale of River Palms Casino included an immediate lease back transaction with Laughlin Hotel, LLC and Nevada Restaurant Services, Inc., the new owners.
Concurrently with the execution and closing of the asset purchase agreement, CP Laughlin, a subsidiary of Tropicana Entertainment, leased back River Palms for a period of up to ninety (90) days, subject to an additional thirty (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.
“We are pleased to announce this transaction today,” said Tony Rodio, president and chief executive officer for Tropicana. “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 said, “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. It is not associated with the Tropicana Hotel Casino in Las Vegas.
In light of the September 3, 2014 closure, the company said, all customers at River Palms who are Trop Advantage club members and have earned benefits and rewards will be able to enjoy their rewards at Tropicana Laughlin Hotel & Casino. All benefits and rewards will be honored immediately.
Contact us at Publisher@GamingToday.com.
Baseball Preview | This is the first of 30 MLB previews to the 2015 baseball season as seen by GamingToday sports editor Mark Mayer. Today, the Washington Nationals. On deck: Chicago Cubs.
Across the Board | Even though top class 4-year-old Shared Belief will be running in the prestigious $1 million Santa Anita Handicap this Saturday, “Big Cap Day” might be overshadowed by four important stakes nationwide...
Pokin' Around | Authentic Presley artifacts from the Graceland Archives that have never been seen before will be displayed in Las Vegas. The “Graceland Presents ELVIS: The Exhibition – The Show – The Experience” is set to debut next month.
Remembering... | The first week in March 88' edition of SPORTS FORM featured Roxy Roxborough explaining public misconception of the sports betting line. His words hold firm 27 years later.
The Nevada Supreme Court has denied an appeal by a high roller accused of failing to pay $384,000 in gambling debts to four Las Vegas casinos.