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Tropicana bankruptcy won't affect Atlantic City casino8 May 2008ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Hoping to allay fears about its future, Tropicana Casino and Resort said the bankruptcy filing by its former owner will not affect its operations or jeopardize the sale of the property. "Kentucky-based Tropicana Entertainment LLC, the casino's former corporate parent, filed for Chapter 11 bankruptcy protection late Monday night to restructure its debts and save its gaming empire. "The bankruptcy includes nine of the company's casinos in Nevada, Mississippi, Louisiana and Indiana, but does not involve the Tropicana casino in Atlantic City. "'I want to emphasize that Tropicana Atlantic City is not part of our former parent company's Chapter 11 filing,' Mark Giannantonio, the casino's president, said in a statement Tuesday. 'The hotel and casino operations of Tropicana Atlantic City continue in a completely business-as-usual manner.' "Tropicana is up for sale and trying to recover from the loss of its New Jersey gaming license following the disastrous ownership of Tropicana Entertainment last year. The New Jersey Casino Control Commission yanked the license in December, citing Tropicana's regulatory violations, poor management and wholesale layoffs that left the property understaffed and dirty. "Giannantonio said Tropicana is upgrading the property and rebuilding its finances while a search continues for a new buyer. A state-appointed conservator who is overseeing the sale expects to seek a second round of bids from potential buyers now that the bankruptcy filing has been made..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |