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Monday, May 05, 2008

Casino Operator Tropicana to file BK

by Calculated Risk on 5/05/2008 04:31:00 PM

From the WSJ: Casino Operator Tropicana To File for Bankruptcy Protection

Struggling casino operator Tropicana Entertainment LLC is expected to file for bankruptcy protection as soon as today ... It would be the largest corporate bankruptcy of the year, and the latest blow to Las Vegas, which has seen gambling revenues decline and major building projects canceled or delayed in the last few months.
"Gaming operators overall are facing headwinds from the broader economy. And unlike some past recessions, casinos are not proving to be recession proof this time around," [Peggy Holloway, Moody's vice president and senior credit officer] said.