Tropicana Entertainment posts loss for first quarter

By Chris SierotyLAS VEGAS REVIEW-JOURNAL

May 7, 2011 - 1:16 am

Tropicana Entertainment Inc., the Las Vegas-based company controlled by investor Carl Icahn, reported a first-quarter loss.

The company said it lost $1.45 million on net revenue of $157 million for the quarter ended March 31.

In its quarterly report, released late Thursday, the company said its Nevada hotel-casinos, which include the Tropicana Laughlin and River Palms in Laughlin and the MontBleu in Lake Tahoe, generated $32.9 million in net revenues and $3.2 million in operating income.

"Net revenues ... continue to be negatively impacted by the deterioration of casino revenue in the Laughlin and South Lake Tahoe markets resulting from the continuing economic slowdown and reduced consumer discretionary income," the company said.

Comparable numbers for the first quarter of 2010 are not available as Tropicana Entertainment acquired assets from the Tropicana Entertainment Holdings LLC bankruptcy last year.

The Las Vegas Tropicana is owned by a separate group of investors.

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