Tropicana Atlantic City Casino Bankruptcy Sale Drawing Interest

Something that is very well known around the US is the trouble that Atlantic City casinos are in. The eleven casinos in the city are all struggling and several are already in bankrutpcy.

Why then, are there a number of different groups emerging as possible buyers when the Tropicana Casino and Resort is offered in a bankruptcy sale? Maybe it is the thought of buying low and sitting on the property until the economy turns around.

Even then it may be too late for AC casinos to ever experience the popularity they once enjoyed. Gambling expansion is happening in surrounding states to New Jersey, and the appeal that once was is no longer viable.

Still, billionaire Carl Icahn, who once owned the Sands Casino Hotel in AC, may want back in the game. He has instructed his Attorney to put in a low bid for the casino. If nobody else exceeds that bid, the casino would automatically be sold at that price.

Of course, it may not come to that. There is a potential sale in the works. The sale apparently is close to being done, so the Casino Control Commission delayed authorizing a bankruptcy sale. If the sale is not complete in a month, the authorization would most likely take place.

The news of the Tropicana comes in the same week when Trump Entertainment Resorts, which owns three of the eleven Atlantic City casinos, filed for bankruptcy for the third time. Donald Trump, himself, has nothing to do with the company after he stepped down from the Board of Directors because he did not have enough control in making company decisions.

February 19, 2009
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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