Tropicana Entertainment
Tropicana Entertainment was a casino and resort operator that owned or managed gaming properties across the United States and Aruba until its acquisition in 2018.
Last updated August 31, 2026
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Overview
Tropicana Entertainment was a gaming and hospitality company formed from the casino assets assembled after Columbia Sussex acquired Aztar Corporation in January 2007. Its portfolio included casinos, hotels, resort facilities, and related real estate in several U.S. states and in Aruba. The business used the Tropicana name across a number of properties, but its portfolio also included non-Tropicana-branded assets such as Lumière Place in St. Louis and MontBleu in Nevada. The company’s early history was shaped by financial distress and regulatory complications. Following the Aztar acquisition, Columbia Sussex placed the acquired casinos into a new subsidiary called Tropicana Entertainment LLC. In May 2008, that company entered bankruptcy after losing control of its largest property, the Tropicana Atlantic City. The Tropicana Las Vegas was separated from the bankruptcy estate during the proceedings. The remaining operations emerged on March 8, 2010, as Tropicana Entertainment Inc., with investor Carl Icahn taking a leading role. On the same day, the reorganized company regained the Tropicana Atlantic City, which Icahn and other investors had acquired using canceled debt. New Jersey regulators emphasized that the reorganized operator was a distinct company from the entity that had previously lost its casino license. During the following years, Tropicana Entertainment reshaped its portfolio through property sales, closures, lease expirations, operating consolidations, and acquisitions. It sold the Horizon Casino in Vicksburg in 2011. In 2012, it closed the Jubilee Casino in Greenville, Mississippi, and consolidated operations into the expanded Lighthouse Point property, which was rebranded as Trop Casino Greenville. The company also pursued, and later revised, plans to sell the River Palms in Laughlin. Its lease to operate the Horizon Casino Resort in Stateline, Nevada, expired in 2014 and was not renewed. That same year, Tropicana acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment for $260 million. The company’s wider business relationships also connected it to Atlantic City’s troubled casino market. Through Icahn-related ownership interests, Tropicana Entertainment assumed management of the Trump Taj Mahal after Icahn Enterprises acquired the casino’s parent company. The property closed in October 2016. At the time of its sale, the company’s portfolio included Belle of Baton Rouge, Lumière Place, MontBleu, Trop Casino Greenville, Tropicana Aruba, Tropicana Casino & Resort Atlantic City, Tropicana Evansville, and Tropicana Laughlin. Collectively, its properties were described as having approximately 5,500 hotel rooms, 8,000 slot positions, and 270 table games. In April 2018, Tropicana Entertainment agreed to be acquired by Eldorado Resorts and Gaming and Leisure Properties in a transaction valued at $1.85 billion. The original structure separated the casino real estate from the operating company: Gaming and Leisure Properties would acquire approximately $1.21 billion of land and buildings, while Eldorado would acquire the operating company for $640 million and lease the properties back. The structure was later amended so that the real estate associated with Lumière Place would be sold to Eldorado rather than to Gaming and Leisure Properties. The acquisition closed on October 1, 2018. Tropicana Aruba was excluded from the transaction and was sold separately to Icahn Enterprises. Tropicana Entertainment therefore ceased to operate as an independent corporate group.
History
Tropicana Entertainment’s origins lay in the 2007 acquisition of Aztar Corporation by Columbia Sussex for $2.1 billion. Aztar owned major casino properties including Tropicana casinos in Las Vegas and Atlantic City, as well as several other gaming operations. Columbia Sussex created Tropicana Entertainment LLC as a subsidiary to hold the combined casino portfolio. The new company quickly encountered financial and regulatory problems. In 2007, it lost control of the Tropicana Atlantic City, and in May 2008 Tropicana Entertainment LLC entered bankruptcy. During the bankruptcy proceedings, Tropicana Las Vegas was separated from the company. The remaining casino operations were reorganized and emerged on March 8, 2010, as Tropicana Entertainment Inc. under the influence of investor Carl Icahn. On that date, the reorganized company also regained Tropicana Atlantic City. Icahn and other investors had acquired the property for $200 million in canceled debt, and New Jersey’s Casino Control Commission treated the reorganized operator as a separate company from the former licensee. After emerging from bankruptcy, Tropicana pursued a portfolio-management strategy involving property sales, operating changes, and selective acquisitions. In March 2011, it sold Horizon Casino in Vicksburg to Tangent Gaming and Great Southern Investment Group. In 2012, the company closed the Jubilee Casino in Greenville, Mississippi, and combined its operations with Lighthouse Point. The enlarged property was renamed Trop Casino Greenville. Tropicana also attempted to dispose of River Palms in Laughlin. A proposed $7 million sale to M1 Gaming was announced in 2013 but did not close. In 2014, the company reached a separate agreement to sell the property for $6.75 million to the owners of Dotty’s. The company’s lease for the Horizon Casino Resort in Stateline, Nevada, expired on March 31, 2014, and was not renewed. The Park Companies subsequently took control through an entity called NevaOne and closed the property for a reported redevelopment program. In April 2014, Tropicana expanded its portfolio by acquiring Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment for $260 million. The company’s casino portfolio also included properties in Louisiana, Mississippi, Nevada, Indiana, New Jersey, Missouri, and Aruba. Its relationship with Carl Icahn connected it to the Trump Taj Mahal in Atlantic City, where Tropicana Entertainment assumed management after Icahn Enterprises acquired the parent company. The Trump Taj Mahal closed in 2016. By the time of its eventual sale, Tropicana Entertainment operated or owned eight principal properties: Belle of Baton Rouge, Lumière Place, MontBleu, Trop Casino Greenville, Tropicana Aruba, Tropicana Casino & Resort Atlantic City, Tropicana Evansville, and Tropicana Laughlin. Across the portfolio, the company reported or was described as having approximately 5,500 rooms, 8,000 slot positions, and 270 table games. The group’s final strategic turning point came in April 2018, when it agreed to be acquired by Eldorado Resorts and Gaming and Leisure Properties for $1.85 billion. The planned transaction divided the operating company from the casino real estate. Gaming and Leisure Properties was initially expected to purchase land and buildings for $1.21 billion, while Eldorado would acquire the operating business for $640 million and lease the properties. The parties later modified the arrangement so that the Lumière Place real estate would be transferred to Eldorado instead of Gaming and Leisure Properties. The transaction closed on October 1, 2018. Tropicana Aruba was not included and was separately sold to Icahn Enterprises. Following the transaction, Tropicana Entertainment ceased to exist as an independent operating company.
- 2018
Tropicana Entertainment is acquired
[1]Eldorado Resorts and Gaming and Leisure Properties completed the $1.85 billion acquisition on October 1, 2018. Tropicana Aruba was sold separately to Icahn Enterprises.
- 2016
Trump Taj Mahal closes
[1]The Trump Taj Mahal, which Tropicana Entertainment managed through its Icahn-related relationship, closed in Atlantic City.
- 2014
St. Louis portfolio is acquired
[1]Tropicana acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment.
- 2012
Greenville operations are consolidated
[1]The Jubilee Casino closed and its operations were consolidated into Lighthouse Point, which became Trop Casino Greenville.
- 2011
Horizon Vicksburg is sold
[1]Tropicana sold the Vicksburg property to Tangent Gaming and Great Southern Investment Group.
- 2010
Reorganization creates Tropicana Entertainment Inc.
[1]The remaining business emerged from bankruptcy as Tropicana Entertainment Inc. under Carl Icahn’s leadership and regained Tropicana Atlantic City.
- 2008
Tropicana Entertainment LLC files for bankruptcy
[1]The company entered bankruptcy after losing control of Tropicana Atlantic City; Tropicana Las Vegas was separated from the bankruptcy estate during the proceedings.
- 2007
Columbia Sussex acquires Aztar
[1]Columbia Sussex acquired Aztar Corporation, bringing the Tropicana casinos in Las Vegas and Atlantic City and other properties into a newly formed Tropicana Entertainment subsidiary.
Products and positioning
A multi-property casino and resort operator serving regional gaming markets, destination casino markets, and Caribbean hospitality markets through a portfolio of casinos, hotels, restaurants, and entertainment facilities.
Gaming
Casino gaming
Casino gaming was Tropicana Entertainment’s core offering. Its properties operated slot machines, table games, and related gaming facilities across regional and destination markets. The portfolio included large branded casinos such as Tropicana Atlantic City, Tropicana Evansville, Tropicana Laughlin, and Tropicana Aruba, alongside properties using other brand identities.
Hospitality
Hotel and resort accommodation
The company operated hotel rooms and resort facilities attached to or associated with its casino properties. Its portfolio included approximately 5,500 rooms at the time of acquisition, as well as the HoteLumière and Four Seasons Hotel properties acquired in St. Louis.
Leisure and hospitality
Food, beverage, and entertainment
Tropicana’s integrated resorts complemented gaming with restaurants, bars, entertainment venues, lodging, and other visitor services. These ancillary offerings helped position the properties as full-service casino resorts rather than standalone gaming halls.
Brand decisions
2018
Sell the company to Eldorado Resorts and Gaming and Leisure PropertiesM&ABackground
Tropicana Entertainment operated a multi-state casino portfolio under majority ownership by Icahn Enterprises.
Action taken
The company agreed to a transaction valued at $1.85 billion. The initial structure assigned approximately $1.21 billion of casino land and buildings to Gaming and Leisure Properties and the operating company to Eldorado Resorts for $640 million, with Eldorado expected to lease the properties.
Aftermath
The parties revised the allocation of Lumière Place’s real estate, and the transaction closed on October 1, 2018. Tropicana Aruba was excluded and sold separately to Icahn Enterprises.
Total transaction value. $1.85 billion (Agreement announced April 2018; completed October 1, 2018)
2014
Acquire Lumière Place and associated hotelsM&ABackground
Tropicana sought to expand its casino and hospitality portfolio beyond its existing regional properties.
Action taken
The company acquired Lumière Place, HoteLumière, and the Four Seasons Hotel St. Louis from Pinnacle Entertainment for $260 million.
Aftermath
Lumière Place became part of Tropicana Entertainment’s portfolio until the group’s 2018 sale, when the real estate treatment was revised in the transaction structure.
Acquisition price. $260 million (April 2014)
2012
Consolidate Greenville casino operationsStrategyBackground
Tropicana operated both Jubilee Casino and Lighthouse Point in Greenville, Mississippi.
Action taken
The company closed Jubilee Casino and expanded Lighthouse Point, subsequently rebranding the property as Trop Casino Greenville.
Aftermath
The move concentrated the company’s Greenville operations in a single casino property.
2010
Reorganize the company after bankruptcyStrategyBackground
The predecessor company entered bankruptcy in 2008 after losing control of Tropicana Atlantic City, while Tropicana Las Vegas was separated from the bankruptcy estate.
Action taken
The remaining operations emerged as Tropicana Entertainment Inc. under Carl Icahn’s leadership, and the company regained Tropicana Atlantic City through an acquisition funded partly with canceled debt.
Aftermath
The reorganization restored the company as an independent casino operator, although the portfolio continued to be reshaped through sales, closures, and acquisitions.
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