Former MGM Grand Inc. executive Alex Yemenidjian earned approval from the state Gaming Commission today to move across the street from his old haunt.
Beginning July 1, Armenco Holdings, a limited liability company controlled by Yemenidjian, will run the Tropicana’s gaming operations while the property's new owners seek to licensing.
Yemenidjian, who is chairman, CEO and equity investor of the new ownership group, told regulators the company plans to completely renovate the property at a cost that "far exceeds $100 million."
The new parent company, Delaware-registered Tropicana Las Vegas Hotel and Resort, will be led by Toronto-based private equity firm Onex Corp., which will control 54 percent of the company's shares.
The Tropicana was acquired in bankruptcy court from the parent company, Tropicana Entertainment.