Tropicana Entertainment Inc. Announces Completed Purchase of Lumiere Place Casino & Hotels in St. Louis, Missouri

News provided by

Apr 01, 2014, 02:17 ET

LAS VEGAS, April 1, 2014 /PRNewswire/ -- Tropicana Entertainment Inc. ("Tropicana") announced today that it has completed its acquisition of Lumiere Place Casino, HoteLumiere, and the Four Seasons Hotel St. Louis ("Lumiere") from Pinnacle Entertainment for a purchase price of $260 million.

With the acquisition, Lumiere becomes the ninth casino property in Tropicana's portfolio, joining the company's gaming resorts in Indiana, Louisiana, Mississippi, Nevada, New Jersey and Aruba. With its prime downtown location, Lumiere becomes Tropicana's second-largest casino property, after its flagship Tropicana Atlantic City Casino and Resort. The property will remain under the Lumiere brand.

"We are incredibly excited to add this magnificent St. Louis property to Tropicana's portfolio." said Tony Rodio, the company's President and Chief Executive Officer. "We are very much looking forward to becoming part of the St. Louis business community and working with the city and state as we operate Lumiere into the future. We would like to thank Mayor Slay for his support in welcoming Tropicana to St. Louis and the Missouri Gaming Commission for its expedited review of our gaming applications," said Rodio.

Lumiere will participate in Tropicana's Trop Advantage customer loyalty program. Lumiere customers who have previously earned rewards points at Lumiere will be able to join Tropicana's Trop Advantage rewards program and Tropicana will honor all rewards points previously earned at the property by Lumiere customers. "Lumiere customers are Tropicana's customers, and we welcome all Lumiere customers to the Trop Advantage program," said Rodio.

Tropicana is a publicly traded company that, through its subsidiaries, owns and operates nine casinos and resorts in Indiana, Louisiana, Mississippi, Nevada, New Jersey Aruba and now Missouri. Tropicana properties, including Lumiere, collectively employ approximately 7,800 employees and have approximately 6,500 rooms, 8,900 slot positions and 273 table games. The company is based in Las Vegas, Nevada.

Cautionary Note Regarding Forward-Looking Statements. This press release contains statements relating to the Company's plans, objectives, expectations and intentions, events and plans that are forward-looking statements. Forward-looking statements represent the Company's estimates and assumptions only as of the date of this press release. Such statements include, without limitation, statements regarding the Company's purchase of Lumiere from Pinnacle Entertainment, Inc., the anticipated benefits to the Company of such acquisition, the Company's expectation regarding the St. Louis, Missouri market, and any statements regarding participation in the Trop Advantage customer loyalty program by customers at Lumiere. These forward-looking statements are based upon assumptions made by the Company as of the date of this press release and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, without limitation, that the Company may not realize the anticipated advantages of the acquisition, including any anticipated cost efficiencies and synergies, that the Company may experience difficulties, delays, and/or unanticipated costs in integrating the acquired business with the Company's ongoing operations, and the additional risk factors described in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

Logo - http://photos.prnewswire.com/prnh/20140401/PH94754LOGO

SOURCE Tropicana Entertainment Inc.