Layoffs are expected at the Horizon Casino Resort as Lake Tahoe Realty I takes over the lease agreement in the next month, according to a Tropicana Entertainment press release.
"Horizon will no longer offer table games and, depending on business levels, may also downsize slot operations from its current level of 600. The changes will necessitate the elimination of approximately 75 table game and support positions," according to the press release.
In the next 30 days, Lake Tahoe Realty I, a new company owned by an affiliate of Columbia Sussex Corporation, will take over management of the Horizon Hotel and will assume responsibility for employees, staffing levels and associated payrolls. That includes food and beverage operations and the parking garage, too.
Casino operations will be limited to no more than 200 gaming positions. Tropicana Entertainment will continue to operate the casino on a limited basis under a lease with
The Edgewood Companies until Lake Tahoe Realty I has been licensed by the Nevada Gaming Commission.
"We believe that the Tahoe market offers significant long-term opportunities, though it is currently challenged by added supply from cross- border competitors," said Tropicana Entertainment CEO Scott C. Butera. "This new arrangement will allow us to operate a highly successful, first-class operation at MontBleu during the term of our lease."
Butera said that the company will build its customer base at MontBleu Resort Casino & Spa, where the new lease was extended 10 years to 2028.