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Icahn Takes Over Tropicana Casino Operations
ATLANTIC CITY, NEW JERSEY --
Billionaire entrepreneur Carl Icahn received approval from the state of New Jersey this week of his purchase of the Tropicana Casino in Atlantic City. The New Jersey Casino Control Commission also gave Icahn's organization a temporary casino license, allowing him to begin operating the gambling venue immediately.
Icahn had already received approval from regulatory agencies to assume control of nine casinos owned by Tropicana Entertainment, which had been part of a separate bankruptcy. The casinos are located in Indiana, Mississippi, Louisiana, and Nevada.
Icahn has also bought the partially constructed Fontainebleau Casino Resort on the Las Vegas Strip. In addition, Icahn's rapidly growing casino empire may yet include the three Trump casinos in Atlantic City, as he owns the first-lien debt and will fight Donald Trump for control as Trump Entertainment emerges from bankruptcy.
Icahn has said he plans to place all the gambling resorts into a publicly owned company. The recession allowed Icahn to acquire the properties at pennies on the dollar.
For instance, Icahn won the Tropicana by placing a stalking-horse bid of $200 million, only a small fraction of what the casino could have fetched in a sale two years earlier.
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