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Cordish Company High Bidder for Tropicana Casino
ATLANTIC CITY, NEW JERSEY --
After months of dealing with operating and selling the mess that is the Tropicana Casino in Atlantic City, trustee Gary Stein, a retired New Jersey Supreme Court Justice, has announced the Cordish Company as the bidder selected to receive the property and license.
Cordish has offered $700 million in combined cash and stock shares.
The bid will now be submitted to a bankruptcy court in Delaware, which will hold an auction to seek any bidders who wish to top the Cordish offer. This process may last as long as three months.
Cordish was among the bidders earlier this year, when Stein rejected all bids for the casino as too small and began the process over from scratch. The number of bidders then and now was not released.
State regulators had taken the license from previous owners Columbia Sussex, after complaints that the hotel was not living up to license expectations of a first-class establishment were verified.
Columbia Sussex had laid off hundreds of workers, resulting in severe problems with service and sanitation.
The property might have drawn closer to a billion dollars, but the general economic turmoil is blamed for causing lower bidding than anticipated.
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Recent Comments
| Posted by Harry on 09/24/2008 02:30:00 PM EST |
| I find it interesting the Honorable Judge threw out prior bids for much more than the $700 million now called the winning bid. These so-called low bids included a bid from Cordish for somewhere near $900 million. My question for the New Jersey Gaming Commission and the Honorable Judge -- Do they have a personal axe to grind and want to see the new Tropicana board and company fail? |
| Posted by Richard on 09/24/2008 02:49:27 PM EST |
| Harry- of course they have an axe to grind with the outsider Tropicana Board. What the article fails to note is that Corish is partnered with Dennis Gomes who tried to buy Tropicana long agao and failed, and who, afterwards, stoked the union fires against the new owners (talk about conflict of interests...) |
| Posted by jonny mac on 09/26/2008 09:05:25 AM EST |
| The whole things reeks of scandal and stupidity. Either the judge wanted an extension on his milk money (he bills the Tropicana for legal services) or he is an incompetent moron. Either way this is a debacle that never should have happened and it leaves a smear on the good name of New Jersey business. |
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