Thursday, Nov. 4, 2010 | 2:58 p.m.
Tropicana Entertainment Inc., investor Carl Icahn's Las Vegas-based gaming company, today said CEO Scott C. Butera is resigning as CEO and from the board of directors to become CEO of another gaming company.
The identity of that company has not yet been disclosed.
Butera will stay in his current positions, including president, for a transition period and while a new CEO is identified by the Tropicana Entertainment Board of Directors.
Tropicana Entertainment, which emerged this year from the Tropicana bankruptcy, has casinos around the country including two in Laughlin and one in Atlantic City.
The Las Vegas Tropicana hotel-casino is owned by another group of investors.
“I greatly appreciate the opportunity to have led Tropicana Entertainment through its successful financial and operational restructuring,” Butera said in a statement today. “The company’s properties are well positioned to succeed in each of their markets. Tropicana Entertainment now has a strong balance sheet, an experienced management team and ownership with a successful track record in the industry, all of which provide a stable platform for the company’s future growth. I am highly confident Tropicana Entertainment will be successful for years to come.”
Icahn, chairman of the Board of Directors, said in a statement: “I appreciate all of Scott’s efforts in managing the company’s successful restructuring and emergence from bankruptcy. Tropicana Entertainment is a strong company with attractive assets and a deep management team, and I look forward to working with the Board of Directors to identify a new candidate to replace Scott.”