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.
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