Casino Celebration Gaming License Proposal Now Includes Tropicana Entertainment

News provided by

Nov 29, 2010, 03:25 ET

ST. LOUIS, Nov. 29, 2010 /PRNewswire/ -- Casino Celebration today announced the submission of an amendment to its license application which now includes a proposed partnership between members of the Koman Family and Tropicana Entertainment Inc. to develop, own, and operate a first class gaming and entertainment facility in St. Louis, MO, to be located at the historic Chain of Rocks Bridge and Interstate 270. Under the proposed partnership, Casino Celebration, LLC would be owned 50% by members of the Koman Family and 50% by Tropicana Entertainment.

The application amendment comes as the Missouri Gaming Commission is in the final stages of evaluating applications from three groups vying for the 13th Gaming License in the state that was stripped from the President Casino in downtown St. Louis earlier this year.

Bill Koman, Principal of Casino Celebration, said: "We are extremely pleased to have the opportunity to be partnered with one of the premier gaming companies in America. Tropicana Entertainment brings to the table substantial financial wherewithal and tremendous gaming operation experience."

The addition of Tropicana Entertainment to the Casino Celebration team provides additional casino operating and development expertise and financial strength to the Missouri gaming license proposal. Tropicana Entertainment currently operates nine casinos and resorts in Indiana, Louisiana, Mississippi, Nevada and New Jersey, and is developing a casino resort in Aruba.

Tropicana Entertainment management said: "We are very excited to have the opportunity to partner with a locally based team that has a long standing history of high quality development, community service and gaming experience in the St. Louis region."

The Missouri Gaming Commission is expected to make their decision on which group will be awarded the gaming license by the end of the year. Management of Tropicana Entertainment commented: "We've been keeping a close eye on this process for a few months now, and believe that the Casino Celebration project is by far the best casino gaming proposal for the State of Missouri."

The Casino Celebration project will initially invest approximately $130 million in a 120,000 square foot gaming and entertainment facility, creating approximately 700 construction jobs and 600 permanent jobs in the northern corridor of the City of St. Louis. All obligations previously executed by Casino Celebration will remain intact with the proposed partnership. The project will provide needed upgrades to the Chain of Rocks Bridge, and the Great Rivers Greenway's pedestrian and bike trail in the area. City of St. Louis Mayor Francis G. Slay, said: "The City of St. Louis firmly supports the Casino Celebration project, and the jobs, tax revenues and community improvements that will accompany the development."

About The Koman Family

The Koman family collectively (William J. Koman, Jr., James G. Koman and William J. Koman, Sr.) has completed the development of over 7 million square feet of real estate in the St. Louis area. The Koman family has been investing in St. Louis area real estate for over 30 years, developing strong ties throughout the St. Louis region and the State of Missouri. The Koman family's investments in St. Louis area projects have substantially contributed to the infrastructure and job base of the community.

About Tropicana Entertainment Inc.

Tropicana Entertainment Inc. (TPCA.OB) is a public reporting company that owns and operates nine casinos and resorts in Indiana, Louisiana, Mississippi, Nevada and New Jersey. The Company owns approximately 6,000 rooms, 9,000 slot positions and 250 table games. In addition, the Company owns a development property in Aruba. The company is based in Las Vegas, Nevada.