Icahn Gains Control Of Tropicana Casino In Atlantic City

The Tropicana Casino & Resort in Atlantic City has gone through some turbulent times in the past couple of years. The casinos old owners lost their gaming license in AC for not keeping the facility up to regulation standards.

Since that time, a former lawmaker has had control of the property. The casino has remained open while a new owner was found. On Friday, that new owner was finally approved.

A bankruptcy judge approved the sale of the Tropicana to a group of investors that is being led by billionaire Carl Icahn. The group put a bid in of $200 million for the casino resort, and won the rights to buy the casino. Judge Judith Wizmur approved that sale in US Bankruptcy Court in Camden, New Jersey.

Icahn is not new to the Atlantic City casino scene. he formerly was the owner of the Sands hotel and casino. He basically did the same thing with Sands that he is doing with the Tropicana. Icahn bought Sands, renovated, then sold the casino to Pinnacle Entertainment back in 2006.

The sale of the casino is a relief to gaming regulators in New Jersey. Tropicana is in debt to lenders for over $1 billion, but part of the deal of the sale is for lenders to cancel over $200 million of that debt.

June 13, 2009
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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