Tropicana Entertainment (OTCQB:TPCA) is a gaming company trading at a significant discount to peers despite a strong balance sheet, improving operations in its largest market, and strong free cash flow generation. Although Tropicana has not been immune to the difficult operating environment that is Atlantic City, the company's profitability and clean balance sheet have enabled it to wait for the market to turn while some of its debt-laden competitors have been forced to exit key markets.
Following Tropicana's bankruptcy in 2008, Carl Icahn - through his publicly traded investment vehicle (NYSE:IEP) - threw in a low-ball bid of $200 million for the company, which owned nine casinos at the time. After a drawn-out sale process,...
|FREE||SA PRO MEMBERS|
|IDEA GENERATOR||X||Exclusive access to 10 PRO ideas every day|
|INVESTING IDEAS LIBRARY||X||Exclusive access to PRO library of more than 15,000 ideas|
|SECTOR EXPERT NETWORK||X||Exclusive access to all sector experts for direct consultation|
|PERFORMANCE TRACKING||X||Track performance of all PRO stock ideas|
|PROFESSIONAL TOOLS||X||Professional Idea Filters to zero-in based on industry, market cap and more|