Onex Corp said on Thursday it acquired a majority stake in the Tropicana Las Vegas Hotel and Casino after the property emerged from bankruptcy protection.
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. ($1=$1.16 Canadian)
(Reporting by Scott Anderson, Editing by Maureen Bavdek)