According to The Wall Street Journal the Tropicana hotel in Las Vegas is filing for bankruptcy.
Casino operator Tropicana Entertainment LLC sought Chapter 11 protection late Monday in the largest corporate filing of the year, a startling reversal of fortune for the new owner of one of the most historic casinos in Las Vegas.
The Tropicana is the last old casino on the south end of the Las Vegas Strip. The casino’s parent company defaulted on the interest payment of a $1.32 billion loan that was due Friday.
Also according to the Journal:
The problems at Tropicana, which has 11,000 employees and about $1 billion in annual sales, come as the casino industry as a whole is struggling.
In its heyday the Tropicana was a major Las Vegas Strip casino. Elvis filmed part of Viva Las Vegas there. James Bond stayed at the Tropicana in the movie Diamonds Are Forever and called the casino “quite comfortable.” In recent years though the Tropicana has been considered somewhat of a dump. It has been far surpassed by other Strip properties-particularly ones in the same area like Mandalay Bay, the Luxor and the MGM.
The Tropicana is also famous for its Les Folies Bergere which features vintage Las Vegas showgirls.
After previously booking some of the biggest acts in Vegas, the biggest attraction at the Trop in recent years was the chicken who played tic-tac-toe.
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On a more serious note, the Tropicana bankruptcy throws into question a number of Vegas casino projects worth billions of dollars. Banks have reportedly been scared off Las Vegas with the recent downturn in the economy.