Tropicana Entertainment Inc. (the "company") recently announced that its subsidiary, Tropicana Atlantic City Corp., has acquired The Chelsea Hotel in Atlantic City, New Jersey. The company plans to integrate The Chelsea Hotel, which is located directly across Morris Avenue from Tropicana Atlantic City, into Tropicana Atlantic City's existing operations as "The Chelsea Tower at Tropicana Atlantic City", and expects to open The Chelsea Tower in August 2017. The Chelsea Tower will not be part of the PILOT program, and will remain subject to local property taxation.
"We are pleased with this acquisition and the opportunity to offer our guests more hotel room options on The Boardwalk," said Tony Rodio, the company's president and CEO. "The Chelsea Tower is a great addition to our four existing hotel towers at Tropicana Atlantic City. Guests will be able to enjoy a boutique hotel feel while having full access to all resort options at Tropicana Atlantic City. Since emerging from bankruptcy in 2010 Tropicana has been a great success story. The capital and support of Icahn Enterprises, our controlling shareholder, has been instrumental in our success and I appreciate Carl Icahn's (IEP's chairman and majority shareholder) continued support in the execution of our strategy," said Rodio.