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Tropicana Casino Sale to Cordish Challenged
ATLANTIC CITY, NEW JERSEY --
Just when it seemed the Tropicana Casino debacle was drawing to a close, a new complaint regarding Cordish Company's $700 million bid has emerged. The party seeking to prevent the acceptance of the bid is none other than Tropicana Entertainment.
Representatives of the former owner of the Atlantic City casino and resort told a U.S. Bankruptcy Court judge that the property was worth at least $250 million more than the Cordish bid. They stated an intention to appeal to the New Jersey Casino Control Commission to return operations to them.
Tropicana Entertainment CEO Scott Butera said, "Instead of engaging in a forced sale in the midst of an unprecedented financial crisis, we want to reinvigorate the management of the property, make significant investments in needed upgrades, and assess the options."
The company was stripped of its eponymous casino when massive layoffs led to quality control issues, including sanitation and customer service difficulties. But that was when Tropicana Entertainment was run by Columbia Sussex and its owner, William Yung.
Butera insists circumstances have changed greatly, with Yung no longer on the Tropicana board nor involved in operations.
New Jersey regulators and Tropicana Casino trustee Gary Stein had no comment pending filings by Tropicana Entertainment. But Butera implied that further court challenges may lie ahead if the answer he receives isn't satisfactory.
So, in place of a clean line of succession and closure to the embarrassment of the resort, a new set of legal issues looms to haunt the Tropicana casino, potentially for years.
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