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Cordish offers $700 million for Tropicana

23 September 2008

Atlantic City, New Jersey -- As reported by The Courier-Journal: "The developer of Louisville's Fourth Street Live and other projects was selected today as the potential buyer of the Tropicana Casino and Resort by a New Jersey state trustee overseeing the troubled property.

"Trustee Gary Stein said the Cordish Co. of Baltimore has offered to buy the gambling hall, which includes New Jersey's largest hotel at 2,129 rooms, for $700 million in cash and stock.

"The bid by Cordish will be submitted to a bank court judge in Delaware, which will conduct an auction where other companies can submit higher bids if they wish to buy the Tropicana.

"No time frame was offered for the auction to be completed, although bankruptcy advisers said they typically last between two to three months after the paperwork has been filed..."

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