Tropicana Terminates Management Agreement with Nikki Beach Las Vegas and Penrod Management
Citing Failure to Comply with Contractual Obligations
LAS VEGAS - September 17, 2011 - Tropicana Las Vegas, Inc. has announced that it terminated, effective September 23, 2011, its Management Agreement with Nikki Beach Las Vegas LLC ("NBLV") and Penrod Management Group, Inc. ("Penrod") pursuant to which NBLV and Penrod had been managing the Nikki Beach nightclub and beach club at the property's hotel and casino.
The company terminated the Management Agreement due to the failure by NBLV to comply with and perform the covenants, agreements, terms and conditions set forth therein, and NBLV's repudiation of its contractual obligation to achieve a targeted "net income" for the clubs. Following the termination, the company has taken over management of the clubs.
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