LAS VEGAS, NV - As reported by Bloomberg: "Onex Corp. and former MGM Mirage President Alex Yemenidjian have acquired a majority stake in the Tropicana Las Vegas Hotel and Casino as debt
The Tropicana Las Vegas will be going under a $100 million renovation holders took ownership following its exit from bankruptcy yesterday.
Yemenidjian was named chairman and chief executive officer of the venture, Onex said in a statement today. The Toronto- based private-equity firm acquired about 58 percent of the property’s secured debt at a discount earlier this year, Michael Locke, a spokesman for the company, said today in a phone interview.
The Tropicana Las Vegas left bankruptcy yesterday with no debt, more than $10 million of cash, and commitments from Onex and other unidentified equity holders to invest at least $75 million to upgrade the property, according to the statement. The casino, which opened in 1957, was featured in the 1964 Elvis Presley film “Viva Las Vegas!,” as well as “Diamonds Are Forever,” the 1971 James Bond movie staring Sean Connery..."
Editorial note: Since the Onex corp. take-over of the Tropicana Las Vegas, shares have risen 52 cents and have continued to climb on the Tornonto Stock Exchange.
|The Tropicana Resort & Casino, located on the most popular corner of the Las Vegas Strip, is a first-class resort offering over 1,800 luxurious guestrooms and suites. The Tropicana is home to the legendary Paris-revue, "Folies Bergere," the longest-running production show in Las Vegas and "Xtreme Magic starring Dirk Arthur." The resort's amenities include eight fabulous restaurants, three swimming pools, a full service health spa and a 61,000 square foot casino.|
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