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Tropicana License Renewed

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Tropicana Casino and Resort is financially strong enough to weather an undetermined delay of its major expansion project, the Casino Control Commission said Wednesday in awarding the casino a four-year license renewal.

"…Still, the commission ordered Tropicana to submit a revised two-year financial forecast within 90 days. The casino's projections became useless two weeks ago, when one end of a parking garage under construction collapsed and killed four workers.

"…`While I believe that Tropicana and (parent company) Aztar are and will continue to be financially stable, this commission would be remiss if it did not consider the potential effect of the construction accident,' commission Chair Linda Kassekert said.

"….Even without the expansion, Tropicana generates enough cash and Aztar has more than enough resources to pay its bills, [Robert Haddock, Aztar president and chief financial officer,] said. Aztar's cash flow over the last 12 months was five times its interest expenses, he said…"

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