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Tropicana Casino Available at Garage Sale Price
ATLANTIC CITY, NEW JERSEY --
This weekend, a New Jersey bankruptcy judge gave approval to start the auction to sell the Tropicana Casino in Atlantic City. Billionaire Carl Icahn has set the base price for the casino and resort with a bid of $200 million.
To give some perspective to that number, consider that, in the two previous bidding periods held under trustee Gary Stein, Stein rejected offers for four times as much for the casino-resort. But Stein was unable to finalize even the low bid he eventually accepted from Cordish Company, as Cordish had second thoughts about the wisdom of investing in Atlantic City.
Icahn's bid is considered a stalking horse, a price that forces the forthcoming of other bids and sets a basement figure. But other bids are not rushing in for the most troubled of Atlantic City's unlucky gambling houses.
If other bids are placed by May 27th, then the affair will proceed to an auction on June 5th. Otherwise, Icahn's group takes ownership.
The casino has been for sale for almost two years since previous owners were denied license renewal. The property was originally judged to be worth over a billion dollars, said New Jersey gaming officials.
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Recent Comments
| Posted by Ben on 05/13/2009 02:45:46 PM EST |
| Anyone wanna go in on a partnership? |
| Posted by Alison on 05/13/2009 02:49:43 PM EST |
| Atlantic City is falling down fast! |
| Posted by the new sand 2 on 05/29/2009 10:29:47 PM EST |
| the nj casino control commission , who appointed stein now has devalued every casino property in a.c. the entire commission should be permanently furloughed . |
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