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In March 2011, Tropicana sold the Horizon Casino in Vicksburg to a partnership of Tangent Gaming and Great Southern Investment Group, who renamed it as the Grand Station Hotel and Casino. In approving the transfer, the Casino Control Commission stressed that Tropicana was a 'different company' than the company that had lost its license in 2007. On the same day, it regained control of the Tropicana Atlantic City, which Icahn and other investors had bought for $200 million in canceled debt. The rest of the company emerged from bankruptcy on March 8, 2010, as Tropicana Entertainment Inc., under the leadership of investor Carl Icahn. While in bankruptcy, the Tropicana Las Vegas was split off as a separate entity. After losing control of its largest property, the Tropicana Atlantic City, the new company was quickly forced into bankruptcy in May 2008. A new subsidiary, Tropicana Entertainment LLC, was created to hold the combined company's casinos.

In January 2007, Columbia Sussex acquired Aztar Corporation, owner of the Tropicana casinos in Las Vegas and Atlantic City, and three other casinos, for $2.1 billion. Further information on Tropicana Entertainment prior to 2010: Columbia Sussex § Casinos

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