Tropicana asks gaming commission to renew Casino Aztar operation license

By Caroline Salls

Pittsburgh, Feb. 19 - Tropicana Entertainment, LLC has submitted a formal request to the Indiana Gaming Commission to renew its license to operate the Aztar Riverboat Casino in Evansville, Ind., according to a company news release.

The company said it cited a wholly reconstituted senior management team, a rekindled relationship with the City of Evansville and the termination of ties to previous operator William J. Yung III in its renewal request, which is part of a year-long effort by Tropicana's new management to reorganize its business and restore the company's regional image so that it can again be certified as Casino Aztar's operating licensee.

"We want to do everything we can to make Tropicana a vital and energetic part of the Evansville area economy," new CEO Scott C. Butera said in the release.

"That includes repairing relationships with our collective bargaining units as a way to initiate a more service oriented culture, and the efforts we've made to develop a more stable and, ultimately, more productive relationship with the City of Evansville."

The company said it lost its operating status in Indiana last year under Yung when a license renewal application was denied in another jurisdiction. As a result, the gaming commission named an attorney in fact to oversee the casino.

Tropicana said the renewal request also outlines a number of steps it has taken to bolster the operations of the company, including focusing resources on infrastructure development, investing strategically in centralized back office systems and e-commerce capabilities and revamping its accounting, finance, information technology, human resources, payroll and compliance functions.

The company said the request also summarized commitments it recently negotiated with the City of Evansville as part of an agreement in principle to amend Tropicana's lease.

Specifically, as long as Tropicana's reorganization plan takes effect and the company remains the owner of Casino Aztar, the lease provides for a new rent structure and specified property improvements.

Tropicana, a Fort Mitchell, Ky.-based gaming entertainment provider, filed for bankruptcy on May 5, 2008 in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 08-10856.

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