The chief executive officer of Tropicana Entertainment Holdings, LLC, William J. Yung III, decided to step down as the company has filed for bankruptcy.

Young is not actually leaving the company, but will continue serving on the Board of Directors.  Scott C. Butera, who is the president of the board, will be filling in as CEO.

"Forming an independent Board of Directors is a critical first step in our planned restructuring," Butera said.

The company is thinking about moving its headquarters to Las Vegas, in coordination with their restructuring plan.

Topicana Entertainmen, a Northern Kentucky-based company, has a total of 11 casino-hotel locations in the following: New Jersey, Louisiana, Mississippi, Nevada, and Evansville, Indiana.

As Tropicana filed for Chapter 11 protection against bankruptcy last month, a new board was created to form various committees involving independent audit and litigation, and gaming regulatory compliance.

The new board includes a lengthy list of qualified people, including: Thomas M. Benniger, a merchent banker; Michael G. Corrigan, former Metro Goldwyn Mayer CFO; and Bradford Smith, former chairman and CEO of the New Jersey Casino Control commission.

The New Jersey Casino Control Commission stripped Tropicana of their license in New Jersey for "poor performance, massive layoffs and problems with service and cleanliness."  Now the Casino is up for sale, but has managed to stay open.