Property will close briefly for renovations
Tropicana Entertainment Inc. announced July 1 that two LLCs, Columbia Properties Laughlin and CP Laughlin Realty closed a sale and lease back transaction with Laughlin Hotel, LLC and Nevada Restaurant Services, Inc., owner of the Dotty’s chain of slot taverns.
The Tropicana subsidiaries sold “substantially all of the assets associated with the operation of the River Palms Casino in Laughlin, Nevada” for $6.75 million in cash, the company announced.
Tropicana plans to terminate the lease and discontinue operations of River Palms in September.
“We are pleased to announce this transaction today,” said Tony Rodio, Tropicana president and CEO. “We have had River Palms on the market for some time and upon the closing of this transaction and the discontinuance of our operation of River Palms in September 2014, we will be able to focus our Laughlin efforts exclusively on our flagship property, Tropicana Laughlin.”
“Nevada Restaurant Services is excited about the opportunity to operate the River Palms in the Laughlin market and looks forward to reopening the facility quickly after a temporary closure while renovations and improvements are made to the property,” said Craig Estey, president of Nevada Restaurant Services.
