Tropicana Provides Update on Atlantic City License

Company intends to repay senior debt with proceeds of potential sale of its Tropicana Atlantic City

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. October 14, 2008

CRESTVIEW HILLS, KY, December 13, 2007. Tropicana Entertainment, LLC (the "Company" or "Tropicana Entertainment") announced today that the Company will repay its senior debt with proceeds of the sale of its Tropicana Casino and Resort in Atlantic City that was mandated yesterday when the New Jersey Casino Control Commission denied the Company's gaming license renewal application. The Commission determined on December 12, 2007 not to renew the Company's license to operate the Tropicana Casino and Resort in Atlantic City, directing instead that control of the casino resort be transferred immediately to a trustee until the sale of the property to a third party can be arranged by the trustee. In the interim, the Tropicana AC will continue to operate under the direction of the trustee.

Tropicana Entertainment intends to appeal the Commission's determination through the New Jersey appellate court system.

Concurrently, the Company will immediately seek the permission of the Commission to work collaboratively with the trustee to maximize value by facilitating a prompt and orderly sale of the Tropicana AC. The trustee is required to complete the sale of the Tropicana Atlantic City within 120 days of the transfer of the property to his control, although this period of time may be extended by the Commission. The Company intends to use the net proceeds it receives from any sale of the Tropicana AC to repay debt under its Senior Credit Facility.

Because this is only the second time that the Commission has refused to renew a license, many details remain unclear regarding the operation of the Tropicana AC, the trustee's sale process, and the Company's rights pending a sale. The Company intends to seek clarification as to these matters which impact on the Company's cash flows, comply with its loan agreements and maximize value from the sale. Moreover, the Company is analyzing the potential impact of the Commission's determination on its gaming licenses in other states.

Unless the Company is successful in its appeal to stay or reverse the Commission's determination by December 19, 2007, an event of default will result under the Company's Senior Credit Facility. If an event of default occurs under the Senior Credit, among other things, the lenders will be entitled to accelerate the unpaid principal amount of, and accrued interest on, borrowings thereunder. Such an acceleration of the Senior Credit Facility would constitute an event of default under the Indenture governing the Company's Senior Subordinated Notes, as well as the Company's Las Vegas Term Loan. Accordingly, Tropicana Entertainment intends to continue its efforts to work with the lenders under its Senior Credit Facility to prevent an acceleration from occurring. There can be no assurance that the lenders will not accelerate, which could compel the Company to seek alternatives, including, without limitation, bankruptcy protection.