UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D/A

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

(Name of Issuer)

(Title of Class of Securities)

(CUSIP Number)

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f), or 240.13d-1(g), check the following box.  ¨

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following pages)

This Amendment No. 1 to Schedule 13D (this “Amendment”) amends the initial statement on Schedule 13D filed with the Securities and Exchange Commission on May 11, 2011 (the “Original Schedule 13D”) and is being filed on behalf of the Reporting Persons with respect to the shares of the Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), of Tropicana Las Vegas Hotel & Casino, Inc., a Delaware corporation (the “Issuer” or the “Company”). The Company’s principal executive offices are located at 3801 Las Vegas Boulevard South, Las Vegas, Nevada 89109. The Reporting Persons may be deemed to be a group for the purposes of Section 13 of the Securities and Exchange Act of 1934, as amended, with each of such Reporting Persons being deemed to have beneficial ownership of all of the shares owned by the group.

Except as otherwise described herein, the information contained in the Original Schedule 13D remains in effect. Capitalized terms used but not defined in this Amendment shall have the respective meanings set forth with respect thereto in the Original Schedule 13D.

No change except as described below.

During the past five years, none of the Reporting Persons (i) has been convicted in any criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) was a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

No change except as described below.

The Onex Entities acquired the following Stock of the Company in the following transactions:

On June 17, 2011, the Onex Entities acquired 10,000 shares of Class A Common Stock for $8.50 per share or an aggregate of $85,000.

On August 4, 2011, the Onex Entities acquired 5,000 shares of Class A Common Stock for $8.50 per share or an aggregate of $42,500.

On September 20, 2011, the Onex Entities acquired 30,000 shares of Class A Common Stock for $5.25 per share or an aggregate of $157,500.

On April 20, 2012, the Onex Entities acquired 1,270 shares of Class A Preferred Stock for $12 per share or an aggregate of $3,240.

On April 20, 2012, the Onex Entities acquired 840 shares of Series 2 Preferred Stock for $12 per share or an aggregate of $10,080.

On October 9, 2012, the Onex Entities acquired 4,216 shares of Series 3 Preferred Stock for $12 per share or an aggregate of $50,592.

On October 9, 2012, the Onex Entities acquired 7,293 shares of Series 2 Preferred Stock for $12 per share or an aggregate of $87,516.

On October 9, 2012, the Onex Entities acquired 8,469 shares of Class A Preferred Stock for $12 per share or an aggregate of $101,628.

On October 9, 2012, the Onex Entities acquired 70,767 shares of Class A Common Stock for $3 per share or an aggregate of $212,301.

The funds used to acquire the Class A Common Stock, the Class A Preferred Stock, the Series 2 Preferred Stock and the Series 3 Preferred Stock in each of the above transactions were obtained from the capital contributions of the partners of the Onex Entities.

No change.

No change except as described below.

The disclosure set forth in this Statement assumes that there are an aggregate of 12,101,824 shares of Class A Common Stock issued and outstanding as of October 12, 2012. The total share count of 12,101,824 shares includes 4,586,151 shares of Class A Common Stock and assumes the conversion of (i) 750,000 shares of Class A Preferred Stock convertible into 3,000,000 shares of Class A Common Stock, (ii) 545,585 shares of Series 2 Preferred Stock convertible into 2,182,340 shares of Class A Common Stock and (iii) 350,000 shares of Series 3 Preferred Stock convertible into 2,333,333 shares of Class A Common Stock.

As of the date hereof, OAG I directly owns 5,913,423 shares of Class A Common Stock, which constitutes approximately 48.9% of the Class A Common Stock outstanding on a fully-converted basis. OAG I is party to the Stockholders Agreement, which contains several agreements as to voting. As a result, OAG I may be deemed to have beneficial ownership of all of the shares (100.0%) of the Class A Common Stock.

As of the date hereof, OAG X directly owns 2,077,749 shares of Class A Common Stock, which constitutes approximately 17.2% of the Class A Common Stock outstanding on a fully-converted basis. OAG X is party to the Stockholders Agreement, which contains several agreements as to voting. As a result, OAG X may be deemed to have beneficial ownership of all of the shares (100.0%) of the Class A Common Stock.

As of the date hereof, Trilliant Gaming indirectly owns 9,299,643 shares of Class A Common Stock, which constitutes approximately 76.8% of the Class A Common Stock outstanding on a fully-converted basis. Trilliant Gaming beneficially owns 12,101,824 shares of Class A Common Stock, which constitutes 100.0% of the Class A Common Stock outstanding on a fully-converted basis, as it is the general partner of, and controls all voting and investment decisions of, the Onex Entities.

Except as set forth in Item 3, none of the Reporting Persons nor, to the best knowledge of the Reporting Persons, any of the other persons named in Item 2 of this Amendment or the Original Schedule 13D has engaged in any transaction during the past 60 days in any shares of the Class A Common Stock.

The Cover Pages of this Amendment are incorporated herein by reference.

No change.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DATE: November 2, 2012

EXHIBIT INDEX