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Tropicana Entertainment Selling Casino Aztar

Monday, March 31, 2008
CRESTVIEW HILLS, Ky. - Tropicana Entertainment, LLC, an indirect subsidiary of Tropicana Casinos and Resorts, announced today that it has entered into a definitive agreement to sell itsCasino Aztar is to be sold to Eldorado Casinos out of Reno, NV.
Casino Aztar is to be sold to Eldorado Casinos out of Reno, NV.
  Casino Aztar riverboat gaming and hotel property in Evansville, Indiana, to Eldorado Resorts, LLC for up to $245 million consisting of $190 million of cash consideration, a $30 million note, and $25 million in potential earnings incentives linked to the operating performance of the property. Tropicana intends to use the proceeds of the sale to reduce debt.

The sale is subject to customary conditions including financing and approval by the Indiana Gaming Commission (IGC), which must license Eldorado before the transaction can close. At any time prior to Eldorado receiving a financing commitment, Tropicana may accept a superior proposal to acquire Casino Aztar, subject to the payment of a breakup fee.

Separately, Tropicana also voluntarily agreed to have an IGC-appointed trustee act as manager of Casino Aztar until any pending sale is completed. Tom Dingman, a former Harrahs executive, was appointed trustee today by the IGC and will manage the day-to-day operations subject to Tropicanas approval of significant decisions such as entering into material agreements, incurring debt and settling lawsuits. Dingman also will be required to consult with Tropicana before setting an annual budget, making executive compensation decisions and settling administrative actions.

Dingman is an experienced casino hotel manager who has held management positions at Harrahs properties in the US San Diego, New Orleans, and Vicksburg and in Auckland, New Zealand. He retired from Harrahs in 2003 and currently acts as a consultant to companies in the gaming industry. His appointment is effective immediately.

Credit Suisse acted as exclusive financial advisor to Tropicana for the sale of Casino Aztar and Innovation Capital, LLC rendered an opinion that the agreed-upon sale price was at least equal to fair market value.

Casino Aztar
421 NW Riverside Drive
Evansville, IN 47708
Phone: (812) 433-4400
Peacock Magic, Shore Thing, Arabian Nights, Diamond Eyes, Asian Princess, Golden Goose, Fort Knox and other popular penny slots are on the slot floor of Casino Aztar. The casino also has blackjack, poker, craps, roulette and more table games.
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