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Tropicana Entertainment gets notice of default

Tue Apr 29, 2008 6:34pm EDT

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LOS ANGELES, April 29 (Reuters) - Tropicana Entertainment LLC said on Tuesday that subsidiary Tropicana Las Vegas Resort and Casino LLC had received a default notice from the agent for lenders on a $440 million loan.

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Tropicana said the default notice from Credit Suisse (CSGN.VX) stated that the borrower had failed to deliver the certificate of its calculation of excess cash flow for the year ended Dec. 31, 2007 by the required due date.

The notice also detailed other missed covenants, the company said.

Tropicana said in its statement that it submitted on Monday a calculation of excess cash flow as required and that no principal payment was due.

Tropicana Las Vegas said it was working to complete the other required items within the 30 days allowed under the credit agreement.

Tropicana Entertainment is the former owner of the Tropicana Hotel Casino in Atlantic City, which last December was placed in a trust after the New Jersey Casino Control Commission voted not to renew the casino's license.

(Reporting by Deena Beasley)

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