Tropicana CEO steps down as company declares Chapter 11
August 1, 2008
William Yung III has resigned as chief executive officer of Tropicana Entertainment Holdings
operator William Yung III has resigned as chief executive officer of Tropicana
Entertainment Holdings LLC, which has filed for bankruptcy.
According to a company statement, Yung will continue to serve on a new board of directors, but President Scott Butera will take over as chief executive officer of the Northern Kentucky-based company.
Butera joined Tropicana Entertainment in March 2008. He is the former chief operating officer of the Cosmopolitan Resort and Casino currently under construction in Las Vegas. Prior to that he was president, chief operating officer and executive vice president of Trump Hotels & Casino Resorts Inc., where he was the principal architect of the development and implementation of that company’s successful recapitalization plan.
Tropicana Entertainment operates11 casino-hotel properties in Indiana, Nevada, Mississippi, Louisiana, and New Jersey, but it lost its license to operate the Tropicana Casino and Resort in December after state regulators judged the company unable to properly operate a first-class casino due to severe layoffs and poor performance.
As a part of the restructuring, the company is also considering moving corporate headquarters from Kentucky to Las Vegas.
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