Tropicana Atlantic City Antes Up Another $25 Million for One More Round of Renovations

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. February 03, 2016

ATLANTIC CITY, N.J. February 3, 2016 - Tropicana Atlantic City is at it again. In a continuing pledge to deliver MORE fun, value and variety, Tropicana has announced another round of renovations to the tune of $25 million.

A significant part of these enhancements is the renovation of 500 Havana Tower hotel rooms. This contemporary redesign includes new carpeting, textured wall coverings, spa-inspired bathrooms with large walk-in showers and modern artwork.

Additional plans include renovation of the South Tower casino to match the North Tower casino's modern and upscale decor upgrades; the addition of a new high- limit slot area located just off Palm Walk; and cosmetic upgrades to Jade Palace, Tropicana's Asian gaming room. In addition, five all-new shows will debut on Tropicana's Multimedia Light and Sound Show on the boardwalk this summer.

A redesigned property entrance at Pacific Avenue will be completed as previously announced. This will make better use of the space allowing room for a new convenience store with street access, a hair salon and a new promotional area for Trop Advantage® members.

"At Tropicana, we never stop improving the visitor experience. We are actively engaged in finding ways to rethink, renovate and revitalize every touch point for the benefit of our guests," said Steve Callender, General Manager of Tropicana.

Cuba Libre is making some improvements of its own, adding a new Latin Grill. This massive wood-burning grill will deliver a new layer of flavor to existing menu favorites and introduce even more classic and contemporary Cuban tapas, entrees and beverages. The plan will also incorporate a chef's counter with seating for ten guests, providing an up-close view of the chefs preparing grilled meats and seafood, wood-fired vegetables and even smoked cocktails.

Construction began this month with a slated completion of May 2016. The renovations planned come just one year after Tropicana's $50 million property-wide upgrade, which included sweeping renovations to the North Tower hotel rooms and casino, the construction of the new AtlantiCare LifeCenter Fitness, new retail spaces and a groundbreaking media façade on the Boardwalk.

"We are committed to delivering on our promise to offer MORE to our guests and more to the City of Atlantic City. Tropicana recognizes the importance of continuing to invest in both our gaming and nongaming amenities. These renovations are not only attractive upgrades for Tropicana's guests, they are creating new employment opportunities at a crucial time in Atlantic City," said Tony Rodio, President and CEO of Tropicana Entertainment. "… and I'm proud to say we have even more exciting announcements up our sleeves." added Rodio.

About Tropicana Atlantic City

Tropicana Casino & Resort is a 24-hour gaming destination located on the beach and Boardwalk. Featuring 2,079 rooms and suites and home of The Quarter, a 200,000 square foot entertainment complex, Tropicana is the premier resort in Atlantic City. With 24 restaurants, 25 shops, 18 bars and lounges, 2 pools, an IMAX Theatre and a spa, Tropicana is consistently rated as a "Must-See Attraction" in Atlantic City. In spring 2015 Tropicana underwent a $50 million renovation, which includes its spectacular Multimedia Light and Sound Show, the addition of AtlantiCare LifeCenter Fitness and renovations to its North Tower hotel rooms and casino. Must be 21. Gambling Problem? Call 1-800-GAMBLER. For more information, visit the official Web site at www.tropicana.net.

About Tropicana Entertainment

Tropicana Entertainment Inc. (OTCQB: TPCA) is a publicly traded company that, through its subsidiaries, owns and operates eight casinos and resorts in Indiana, Louisiana, Missouri, Mississippi, Nevada, New Jersey and Aruba. Tropicana properties collectively have approximately 7,166 employees, 5,525 rooms, 8,035 slot positions and 304 table games. The company is based in Las Vegas, Nevada. Tropicana is a majority-owned subsidiary of Icahn Enterprises, L.P. (NASDAQ: IEP). To learn more about Tropicana, visit www.Tropicanacasinos.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements," including statements about the Company's anticipated plans, strategies, objectives, expectations and intentions. Such statements include, without limitation, statements regarding the anticipated scope, features, construction schedule and other aspects of the Company's proposed renovation projects at its Tropicana AC property, the potential benefits to the Company and Atlantic City of such proposed renovation projects, including potential employment opportunities, and other statements that are not historical facts. Such forward-looking statements represent the Company's proposed plans and expectations only as of the date of this press release, and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include, without limitation, the risk that the Company's applications related to funding certain of the proposed capital improvements may not be approved, the risk that, even if approved, the Company may not move forward with the proposed projects, and other factors that may adversely affect the Company's business such as future legislative, regulatory, or tax changes as well as other economic, business and/or competitive factors. Other factors that could adversely affect the Company's business and prospects are described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.