Appeals Court Upholds Ruling From New Jersey Casino Control Commission
The New Jersey Casino Control Commission ruled last December in favor of stripping the Tropicana Casino and Resort in Atlantic City of their gaming license. On Tuesday, an appeals court upheld that decision.
Th Commission ruled in December that the casino was not being held up to the standards necessary to keep the license. They sighted bug infestation, massive layoffs, and uncooperative upper management as their reasons.
Tuesday, the appeals court agreed with that ruling for the same reasons. The Tropicana appealed the original ruling claiming that the Commission overstepped their boundaries by stripping the license.
"The findings made by the commission that Tropicana lacked financial integrity and responsibility, as well as business ability, are amply supported by the record," said the judge in a written document.
The casino property is currently for sale, but there have been no takers. The first round of bids for the casino were all rejected for being too low. Now, the search is still ongoing to find a group willing to buy the casino and clean it up.
The most likely scenario is the casino being sold through a pre-planned filing under Chapter 363 of the U.S. bankruptcy code. The buyer would then be free of any of the debt or liens on the property.
July 2, 2008
Posted By Larry Rutherford
Staff Editor, CasinoGamblingWeb.com
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