|
|
|
 |
Carl Icahn Makes Offer for Tropicana Casino
ATLANTIC CITY, NEW JERSEY --
The Tropicana Casino in Atlantic City has been waiting for an owner for over a year, since state regulators stripped previous ownership of its gaming license. Today, after months of speculation that he would get involved, billionaire Carl Icahn made a bid to take over the troubled casino.
Icahn offered $200 million, a figure which only months ago would have been laughable for the Tropicana. When state trustee Gary Stein was taking bids last year, he received numbers four times that, and rejected them as insufficient.
But time has run out on efforts to drive the price up, and companies once interested, including previous favorite Cordish Company, have lost interest as the recession has devastated Atlantic City gambling revenue. Now the casino will be sold at a bankruptcy auction, and Icahn has set the opening price.
"It is my expectation that this stalking horse bid will generate substantial interest from multiple bidders, leading to a robust auction that achieves the highest price possible in light of current conditions in the gaming industry," said Stein in an attempt to spin the news of Icahn's offer.
Tropicana Entertainment, which had owned the casino until the New Jersey Gaming Control Board refused to renew its casino license, has undergone significant changes in bankruptcy and claims to be ready to resume control of the resort. However, state officials have been unresponsive to statements by the company expressing interest in re-taking the casino.
Previous USA Casino News Articles
Post A Comment
|
 |
|
|
|
