* Onex takes majority stake in Tropicana
* Names Alex Yemenidjian chairman and CEO
(Adds details. In U.S. dollars)
TORONTO, July 2 Onex Corp OCX.TO said on
Thursday it acquired a majority stake in the Tropicana Las
Vegas Hotel and Casino after the property emerged from
The Canadian private equity firm, which is the largest
secured debt holder of the Tropicana, received an equity stake
in the complex as part of a deal that saw debt holders receive
100 percent of the equity of the troubled Las Vegas property.
The company also said businessman Alex Yemenidjian, a
partner in Onex's gaming division, was named chairman and chief
executive officer of the Tropicana.
Onex said it planned to spend at $75 million to upgrade the
1,850-room hotel and casino.
(Reporting by Scott Anderson, Editing by Maureen Bavdek)