Tropicana Entertainment Inc. Announces Acquisition of The Chelsea Hotel in Atlantic City, NJ Our Coverage Sponsored by Bergen Linen
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Tropicana Entertainment Inc. (the "Company") announced 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", 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," said Mr. Rodio.
The Chelsea Tower consists of a 20-story oceanfront hotel tower with many rooms boasting sweeping ocean and bay views, stylish décor 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.
About Tropicana Entertainment
Tropicana Entertainment Inc. (OTCQB: TPCA) is a publicly traded company that, through its subsidiaries, owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba. Tropicana properties collectively have approximately 7,166 employees, 5,525 rooms, 8,035 slot positions and 304 table games. The Company is based in Las Vegas, Nevada. Tropicana is a majority-owned subsidiary of Icahn Enterprises, L.P. (NASDAQ:IEP). To learn more about Tropicana, visit www.Tropicanacasinos.com.
About Tropicana Atlantic City
Tropicana Atlantic City is a 24-hour gaming destination located on the beach and Boardwalk. Featuring just under 2,400 hotel rooms and home of The Quarter, a 200,000 square foot entertainment complex, Tropicana Atlantic City is the premier resort in Atlantic City. With 24 restaurants, 25 shops, 18 bars and lounges, 2 pools, an IMAX Theatre and a spa Tropicana Atlantic City was highlighted as one of the "Coolest Casinos in the World" by PopSugar. Casino Player Magazine has voted the TROP ADVANTAGE® Club as the "Best Players Club". Since 2015, Tropicana completed over $90 million in renovations, including its spectacular Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness, Garces restaurants, renovations to over 900 hotel rooms, casino and more.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements relating to the Company's plans, objectives, expectations and intentions, events and plans that are forward-looking statements. Forward-looking statements represent the Company's estimates and assumptions only as of the date of this press release. Such statements include, without limitation, statements regarding the Company's acquisition of The Chelsea Hotel, the anticipated benefits to the Company of such acquisition, the timing of the Company's planned opening of the property and any future development plans. These forward-looking statements are based upon assumptions made by the Company as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, without limitation, that the Company may not realize the anticipated advantages of the acquisition, including any anticipated cost efficiencies and synergies, that the Company may experience difficulties, delays, and/or unanticipated costs in integrating the acquired business with the Company's ongoing operations, and the additional risk factors described in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.
