Onex Acquires Control of the Tropicana Las Vegas Hotel and Casino

TORONTO, ONTARIO, Jul 02 (MARKET WIRE) --
Onex Corporation (TSX: OCX) today announced that it has, together with
Alex Yemenidjian, acquired a majority equity stake in the Tropicana Las
Vegas Hotel and Casino following the property's emergence from bankruptcy
protection on July 1, 2009. Under the terms of the plan of
reorganization, all secured debt holders, of which Onex was the largest,
received 100% of the equity in the resort property. Effective
immediately, Mr. Yemenidjian, former President of MGM Mirage and Onex'
partner in the gaming sector, has been appointed Chairman and Chief
Executive Officer of Tropicana Las Vegas.

Located on 34 acres at one of the busiest intersections in the world, the
Tropicana Las Vegas is one of the oldest and best-known casinos in the
United States. The property has more than 1,850 guestrooms, a 61,000
square-foot casino, multiple restaurants, an 850-seat showroom and a
signature five-acre tropical pool area.

Tim Duncanson, Managing Director at Onex, said, "We're very excited about
partnering with Alex to rejuvenate the Tropicana Las Vegas. We believe
this casino resort has tremendous potential and, with Alex's
extraordinary talents, will become a strong competitor on the Las Vegas
Strip."

The Tropicana Las Vegas emerges from bankruptcy with no debt, over US$10
million of cash, and commitments from Onex and certain other equity
holders to invest at least US$75 million of capital to upgrade the
property.

"I am delighted to have the opportunity to partner with Onex on returning
such a storied property to its former glory," commented Mr. Yemenidjian.
"With 25 years of active ownership experience, significant resources and
business acumen, Onex is the ideal partner to transform the Tropicana Las
Vegas."

A comprehensive renovation of the property is expected to commence later
this year and will include refurbishing the resort's guestrooms, a new
casino floor featuring all of the most in-demand slot machines and table
games, an array of exciting dining experiences, and enhanced hotel
amenities including the pool and spa facilities. Additionally, Onex and
Mr. Yemenidjian plan to reinvigorate the Tropicana Las Vegas with new
entertainment, convention and banquet activity as well as a new
nightclub. The renovation of the property is expected to be finished in
2010.

Background

In 2008, Onex established a gaming partnership with Alex Yemenidjian to
pursue opportunities in the currently out-of-favour gaming sector. The
Tropicana Las Vegas - a distressed-for-control opportunity - is the first
acquisition resulting from this partnership and the first investment by
Onex Partners III, Onex' third large-cap private equity fund. Onex began
accumulating the senior secured debt of Tropicana Las Vegas in 2008 and
ultimately acquired more than 50% of the security. In May 2009, the plan
of reorganization was confirmed and subsequent to Alex Yemenidjian's
gaming license approval on June 18, 2009 had satisfied all conditions for
the plan of reorganization to become effective. Subject to approval by
the Nevada Gaming Commission, Onex also expects to receive its gaming
license in Nevada.

About Onex

Onex is one of North America's oldest and most successful private equity
firms. Onex makes private equity investments through the Onex Partners
and ONCAP families of Funds. Onex also manages investment platforms
focused on real estate and credit securities. In total, the Company
manages approximately US$10 billion. Onex generates annual management fee
income and is entitled to a carried interest on approximately US$7
billion of third-party capital, and also invests its own capital directly
and as a substantial limited partner in its Funds.

Onex' businesses generate annual revenues of $37 billion, have assets of
$44 billion and employ 225,000 people worldwide. Onex shares trade on the
Toronto Stock Exchange under the stock symbol OCX. For more information
on Onex, visit its website at www.onex.com. The Company's security
filings can also be accessed at www.sedar.com.

About Alex Yemenidjian

Alex Yemenidjian has a long and successful career in the gaming and
entertainment sector and served as Chairman of the Board and CEO of
Metro-Goldwyn-Mayer Inc. from April 1999 to April 2005, and was a
director from November 1997 to April 2005.

Mr. Yemenidjian also served as President of MGM MIRAGE (formerly MGM
Grand, Inc.) from July 1995 through December 1999. Mr. Yemenidjian was a
director of MGM MIRAGE from 1990 to 2005. He also served MGM MIRAGE in
other capacities during this period, including as Chief Operating Officer
from June 1995 until April 1999 and as Chief Financial Officer from May
1994 to January 1998. While at MGM MIRAGE, Mr. Yemenidjian was involved
with the design and development of MGM Grand (Las Vegas), New York - New
York, and MGM Grand (Detroit). In addition, Mr. Yemenidjian served as an
executive of Tracinda Corporation, the majority owner of both
Metro-Goldwyn-Mayer Inc. and MGM MIRAGE, from January 1990 to January
1997 and from February 1999 to April 1999. Prior to 1990, Mr. Yemenidjian
was the Managing Partner of Parks, Palmer, Turner & Yemenidjian,
Certified Public Accountants.

This news release may contain forward-looking statements that are based
on management's current expectations and are subject to known and unknown
uncertainties and risks, which could cause actual results to differ
materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking
statements contained herein should material facts change due to new
information, future events or otherwise.

Contacts:
Onex Corporation
Timothy Duncanson
Managing Director
416-362-7711

Onex Corporation
Michael Locke
Director, Investor Relations
416-362-7711

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