The company was buffeted by a chain of events that began Dec. 12 when the New Jersey Casino Control Commission determined that the company was incapable of running the “first-class operation” required by state law and stripped the Tropicana in Atlantic City of its casino license after less than a year. That touched off a funding crisis that the company desperately struggled to fend off until filing for Chapter 11 protection Monday evening in U.S. Bankruptcy Court in Delaware, listing assets of US$2.8 billion (euro1.81 billion) and liabilities of US$3.3 billion (euro2.13 billion).

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