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 (NASDAQ: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,...
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