Tropicana Entertainment Forms New Board With a Majority of Independent Directors;...

Tropicana Entertainment Forms New Board With a Majority of Independent Directors; Names Butera CEO

CRESTVIEW HILLS, Ky.--(Business Wire)--
Tropicana Entertainment Holdings, LLC has announced the formation
of a new Board of Directors to help restructure the company and shape
its long term strategy. The five-member Board is made up of three
outside directors; company President Scott C. Butera, who has been
named CEO and will report to the Board; and William J. Yung, who
stepped down as CEO this week but remains on the Board.

The new outside directors are executives with substantial
financial restructuring and regulatory experience. They include
merchant banker Thomas M. Benninger; former Metro Goldwyn Mayer CFO
Michael G. Corrigan; and former New Jersey Casino Control Commission
Chairman and CEO Bradford S. Smith, Esq. The new Board is expected to
form independent audit and litigation committees as well as a gaming
regulatory compliance committee. It also will consider moving
Tropicana Entertainment's corporate headquarters to Las Vegas, Nevada.

"Forming an independent Board of Directors is a critical first
step in our planned restructuring," said Butera, who is leading the
effort to recapitalize the company. "There is no question that the
company's operations will benefit tremendously from the collective
experience of our new Directors. We are looking forward to working
with them as we look to invest in our assets and employees and
revitalize the historic Tropicana brand."

Butera joined Tropicana Entertainment in March 2008 to lead the
effort to improve the company's capital structure. He is the former
Chief Operating Officer of the Cosmopolitan Resort and Casino in Las
Vegas, Nevada. Prior to that he was President, Chief Operating Officer
and Executive Vice President of Trump Hotels & Casino Resorts, Inc.,
where he was the principal architect of the development and
implementation of that company's successful recapitalization plan.

Thomas M. Benninger is a founding managing general partner of
Global Leveraged Capital, a private merchant banking firm that
actively pursues proprietary origination of leveraged corporate debt,
distressed debt and minority equity investments. Mr. Benninger has
extensive financial/audit and restructuring experience at a variety of
leading financial institutions, including UBS Investment Bank,
Donaldson, Lufkin and Jenrette, Arthur Andersen & Co. and Smith
Barney. Mr. Benninger received both his Bachelor of Arts in Economics
and Masters of Business degrees from Stanford University.

Michael G. Corrigan is a media and entertainment executive with
experience in operations, strategic planning and finance. Mr. Corrigan
previously served as co-founder and partner of Shelbourne Capital
Partners LLC, a boutique financial advisory firm. He is a former CFO
of Metro Goldwyn Mayer Inc. He serves as a Director of ACME
Communications, Inc. and had been chairman of the Board of Directors
for Atari, Inc. Corrigan is a graduate of the Law School of Trinity
College, Dublin, Ireland.

Bradford S. Smith is a gaming and regulatory consultant who
previously served as Chairman of the New Jersey Casino Control
Commission. A former State Senator, Smith was chairman of both the
judiciary and law and public safety committees of the New Jersey State
Senate. He sits on the Mt. Airy Casino Resort Independent Audit
Committee and the Burlington County Board of Chosen Freeholders. Smith
earned his law degree from Duquesne University in Pittsburgh and is a
member of the New Jersey Bar.

About Tropicana Entertainment

Tropicana Entertainment is one of the largest privately held
gaming entertainment providers in the United States. The company
operates 540,000 square feet of casino space and 15,000 slot machine
positions. With more than 11,000 employees and 8,300 hotel rooms at
its properties, it produces in excess of $1.2 billion annual revenue.
More information is available at www.tropicanacasinos.com. None of the
information contained on the company's website shall be deemed
incorporated by reference or otherwise included herein.

Beacon Advisors
Hud Englehart, o: 513-533-4800 / c: 312-860-0106
or
FD
Michael Geczi, o: 312-553-6735 / c: 312-519-4920
Caroline Hoenk, o: 312-861-4706 / c: 646-269-7541

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