Icahn Moving In On Tropicana Casino Purchase In Atlantic City

The ongoing saga that is the Tropicana Casino and Resort in Atlantic City may soon be coming to an end. The casino has been in the hands of retired Supreme Court Justice Gary S. Stein since the previous owners were stripped of their AC casino license.

There have been plenty of rumors that have surfaced in the past year as to what will happen to the Tropicana. The previous owners have tried unsuccessfully to get the casino back. Others have also emerged as possible buyers.

It appears, however, that a group led by former Sands Casino owner Carl C. Icahn has emerged as the leaders to purchase the Tropicana, although Stein would not confirm that was the case.

"My understanding is that it hasn't been disclosed yet,' said Michael Freitag, a spokesman for Stein. Icahn seems like a logical choice since he is one of the lenders that holds a $1.4 billion mortgage on the property.

The transaction for the sale of the Tropicana is a process that requires a lot of time. Because of that, the Casino Control Commission extended the deadline to sell the property on Wednesday. That will give all parties involved time to finalize the proposed sale.

"This clearly is a significant step toward a resolution of this matter," said Daniel Heneghan, spokesman for the Commission, "I anticipate that the commission and other interested parties will begin the review process immediately."

March 18, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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