Tropicana entertainment files a motion in U.S. bankruptcy court to fetch a better sale price for its Indiana casino.
That happened the same day two unions voted in favor of a new contract at the group’s Las Vegas property.
The company wants to get a higher bid for its Evansville, Indiana property.
Tropicana already agreed to sell the property in march to Eldorado resorts.
In Vegas…
Union members voted overwhelmingly in favor of a new five-year deal for Las Vegas workers.
Credits: WCTV
A year and a half after Bill Yung paid $2.8 billion for Aztar Corp. and its Tropicana casinos in Las Vegas and Atlantic City, his casino company filed for Chapter 11 bankruptcy protection and he was forced out of his job.
Yung isn’t the first executive to stumble in the deceptively profitable casino business. But his fall from grace has been faster and uglier than most and serves as a cautionary tale for swaggering chief executives from other industries who think success is simple in gaming.
Many competitors conclude he was doomed from the start.
In the insular, oh-so-polite world of gaming, executives rarely trade barbs for the good of the industry, which benefits from the success of their neighbors along the Strip. Publicly, they called Yung’s deal expensive, reserving more revealing commentary for private conversations. And it wasn’t pretty.
They called Yung a sucker — the kind that bought property at the peak of the real estate boom hoping for big bucks down the road. In that sense, the purchase, after a months-long bidding war, is comparable to those in the residential real estate bubble.