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Tropicana Las Vegas emerges from bankruptcy

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The Associated Press 5:46 PM Friday, July 3, 2009

LAS VEGAS — Tropicana Las Vegas has emerged from Chapter 11 bankruptcy with new owners.

Toronto-based Onex Corporation and former MGM Mirage President Alex Yemenidjian acquired a majority stake in the Las Vegas hotel-casino this week, as it completed its yearlong bankruptcy process.

The new owners took over the property Thursday from the Las Vegas-based Tropicana Entertainment LLC.

The once-debt ridden casino emerged from bankruptcy with no debt, more than $10 million in cash and $75 million in commitments from its new owners and other equity holders to give the property some long-awaited upgrades.

The company is promising to complete renovations to the casino floor and hotel rooms in 2010.

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Information from: Las Vegas Sun, http://www.lasvegassun.com

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July 03, 2009 09:41 PM EDT

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