"We're going to embark on a journey to transform the Tropicana to pre-eminence," Yemenidjian told regulators during the hearing in Carson City.

The new owners plan to remodel the hotel's 1,876 rooms, the casino floor, restaurants and bars, the showroom, convention center and the pool area with a South Beach Miami theme.

Yemenidjian, who is the new ownership group's chairman and chief executive officer, said his company plans to add two new restaurants, a bar in the center of the casino, a new sports book and poker room as well as replace the casino's slot machines and table games.

The property also wants to extend the pedestrian bridges from Excalibur and MGM Grand to the casino.

"Although we haven't yet completed our development and design program in order to develop one precise project," Yemenidjian said. "It is clear to us the cost of the transformation of the Tropicana Las Vegas to a property that is fresh and relevant will far exceed $100 million."

Operationally, plans are to update slot and player tracking systems, and introduce new marketing and entertainment programs, Yemenidjian said.

The new ownership group, Tropicana Las Vegas Inc., plans to take over the property's nongaming operations July 1.

Yemenidjian's company will operate the casino through a 12-month lease for $1 per month until the rest of the ownership group is licensed by Nevada regulators.

The July 1 transition will require Armenco Holding's approval by the Nevada Gaming Commission, which meets June 18.

Toronto-based private equity firm Onex Corp. controls Tropicana Las Vegas Inc. Yemenidjian is an equity investor in the company and will be chairman and chief executive officer of the new ownership group.

The group plans to file licensing applications with state regulators in the next couple of weeks, said Ellen Whittemore, a gaming attorney representing Yemenidjian.

Yemenidjian, Onex and other holders of the Tropicana's debt will receive 100 percent control of the 34-acre property through a plan confirmed by the U.S. Bankruptcy Court in Delaware.

Yemenidjian said the new company will start with no debt and a balance sheet of nearly $100 million in cash and equity commitments.

"To be sure, we have a huge job ahead of us," Yemenidjian said. "But nothing is more rewarding than to watch people who say it can't be done get interrupted by somebody actually doing it."

Yemenidjian served as president of MGM Grand Inc. from 1995 through 1999, and was on the company's board from 1989 until 2005. He also served as chairman and CEO of Metro-Goldwyn-Mayer, parent company of MGM Studios, from 1999 until 2006.

Contact reporter Arnold M. Knightly at aknightly@reviewjournal.com or 702-477-3893.