Tropicana Casino Gets Another four Months To Find Buyer

The Tropicana Casino and Resort in Atlantic City has not been experiencing the best of times as of late. The casino's former owners Columbia Sussex Corp. failed to keep the casino up to standard, and was forced to sell the property.

The sale has not gone smoothly, however. Columbia Sussex, when they lost their license in New Jersey, fell on hard times. Tropicana Entertainment LLC., a Columbia Sussex affiliate, filed for bankruptcy.

Due to the bankruptcy, potential buyers have low balled their bids, causing a sticking point for the sale of the property. The national economy and the credit market have also had a negative effect on the sale of the casino.

"I think it's realistic in this sense: the market remains tight, but on the other hand, we know many of the interested buyers, and we're much farther along than when we started," said retired Supreme Court Judge Gary Stein who is overseeing the sale of the casino. He was speaking on the prospects of the sale getting done.

The New Jersey Casino Control Commission has extended another 120 days to Stein to find an acceptable new owner. The Commission has thrown out all bids they have received up until this point, and has now started the process from scratch.

June 20, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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