Icahn Defeats Trump For Ownership Of Tropicana Casino In AC

Billionaire businessman Carl Icahn was locked in a battle with Donald Trump over the past week for control of the Tropicana Casino and Resort in Atlantic City. On Wednesday, Icahn won the rights to purchase the casino.

Icahn showed the Casino Control Commission that his plan was superior to Trump's when it came to turning the ailing casino around. Trump had partnered with bondholders in their attempt to seize control of the resort.

The process to find a suitable new owner for the Tropicana has been long and at times contentious. In the end, Icahn will attempt to do what he has done before with the Sands and other AC properties, turn them back into positive revenue streams.

"Carl Icahn's return to the business of gaming in New jersey certainly brings...signs of rejuvenation and optimism to the market," said Vice Chair of the Commission, Sharon Anne Harrington. The Commission voted four to zero for the Icahn ownership group.

The Atlantic City casino industry has been on a steady decline now for almost two years. Revenue has dropped in double digits for many of those months, and several casinos have already filed for bankruptcy.

The industry could be further hurt in the near future with Pennsylvania lawmakers approving table games for casinos in their state. Pennsylvania slot revenue was higher than AC's for the first time in history in December.

March 5, 2010
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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