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Tropicana Casino Suitors Expand to Include Icahn
ATLANTIC CITY, NEW JERSEY --
Renowned financier Carl Icahn may be entering the race to own the Tropicana Resort and Casino in Atlantic City. The billionaire is reportedly allying with other lenders owed by the casino to offer a bid at a bankruptcy auction to be held next month.
The Tropicana has been up for sale since New Jersey regulators refused to renew the gambling license to the previous ownership, citing irresponsible management that led to questions of sanitation and cleanliness. State trustee Gary Stein has been running the casino, while accepting bids to take over the operation.
Stein rejected the first round of applications, saying they were insufficient, and then selected the bid of the Cordish Company upon a second round of offers. But Cordish has since reduced its offer due to the economic recession, and has been unable to find a deal acceptable to lenders.
Icahn and his fellow lenders hold a $1.4 billion mortgage on the Tropicana property. An attorney representing Icahn said an offer at bankruptcy may be made as a stalking horse ploy. That would involve placing a minimum bid in case no other bids are received.
Cordish officials said they are still interested in the casino, but wouldn't disclose what they were willing to pay for it.
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