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.
Since its opening six months ago, the Harrah’s Atlantic City Waterfront Conference Center has nearly doubled its booked meetings and conventions through 2019 and expects to bring nearly 300,000 conference attendees to Atlantic City.
More than four million people traveled through McCarran International Airport during March, a 5.5 percent increase over March a year ago. It was the airport’s best March total in eight years.
Clark County’s gaming win fell 3.59 percent to $796.69 million during March during the same period a year ago. But the rest of the state did not do any better as the statewide win for March was also 3.04 percent lower at $922.27 million.
Leaders of Connecticut’s two federally recognized Indian tribes have received preliminary assurances from federal officials that gambling agreements with the state would not be jeopardized by the proposed third casino they hope to open.
Massachusetts will collect less gambling tax revenues if two casinos rather than one are allowed to open in its southeastern corner near Rhode Island.
- Curry's slip could change NBA Finals result
- Luxor hosts preferred poker player tournament
- GamingToday Play Free Video Poker
- NYI 23-year series drought ends in 1st Brooklyn season
- Arizona Charlie's has slot deals for 28th anniversary
- Talladega is all about Dale Jr.
- Astros reflecting Houston we have a problem
- An interesting maiden among the Kentucky Derby 20