S&P drops Tropicana

Standard & Poor's said it lowered its ratings on Tropicana Entertainment LLC and its unrestricted subsidiary, Tropicana Las Vegas Resort & Casino LLC, to D, including the CCC- corporate credit rating on each entity.

The ratings downgrade follows the filing by both on May 5 for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Wilmington, Del., the agency noted.

In December, it was announced that the New Jersey Casino Control Commission had denied the company's gaming license renewal application, citing, among other reasons, the commission's opinion that management failed to appreciate the workings of the Atlantic City marketplace, S&P said.

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