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Tropicana Entertainment acquires The Chelsea Hotel in New Jersey

6 July 2017

(PRESS RELEASE) -- Tropicana Entertainment Inc. announced today that its subsidiary, Tropicana Atlantic City Corp., has acquired The Chelsea Hotel in Atlantic City, New Jersey. The Company plans to integrate The Chelsea Hotel, which is located directly across Morris Avenue from Tropicana Atlantic City, into Tropicana Atlantic City's existing operations as The Chelsea Tower at Tropicana Atlantic City Casino & Resort and expects to open The Chelsea Tower in August 2017. The Chelsea Tower will not be part of the PILOT program, and will remain subject to local property taxation.

"We are pleased with this acquisition and the opportunity to offer our guests more hotel room options on The Boardwalk," said Tony Rodio, the Company's President and Chief Executive Officer. "The Chelsea Tower is a great addition to our four existing hotel towers at Tropicana Atlantic City. Guests will be able to enjoy a boutique hotel feel while having full access to all resort options at Tropicana Atlantic City. Since emerging from bankruptcy in 2010, Tropicana has been a great success story.

"The capital and support of Icahn Enterprises, our controlling shareholder, has been instrumental in our success and I appreciate Carl Icahn's (IEP's Chairman and majority shareholder) continued support in the execution of our strategy."

The Chelsea Tower consists of a 20-story oceanfront hotel tower with many rooms boasting sweeping ocean and bay views, stylish d├ęcor with retro charm and an adjoining low rise hotel structure that, combined, feature approximately 330 hotel rooms. The Chelsea Tower's Cabana Club pool and bar will offer cabanas and beverages. The Company is in the process of developing plans for additional capital improvements to the facility, including linking The Chelsea Tower to Tropicana Atlantic City via a skyway bridge, food and beverage offerings, spa and meeting space during the coming year.

Guests can expect the same great service and amenities they already receive at Tropicana Atlantic City and will have access to all of Tropicana's facilities, including 24 dining options, including Olon and Okatshe from award-winning Chef Jose Garces, 25 shops and 18 nightlife experiences.

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