Gaming News

Tropicana moving closer to auction block

ATLANTIC CITY, New Jersey -- As reported by the Philadelphia Inquirer: "The Tropicana Casino & Resort is expected to go on the auction block today.

"The New Jersey Casino Control Commission will vote on a deal between Tropicana trustee Gary Stein and the casino's senior lenders at a hearing here this morning.

"An approval by the commission would authorize Stein to seek permission from a federal bankruptcy court to move forward with an auction, and for a group of senior lenders to act as the stalking horse bidder with a $200 million credit bid for the troubled Tropicana.

"The lender group includes billionaire developer Carl Icahn, who previously owned the Sands Hotel Casino on the Boardwalk before selling it and adjacent land in late 2006..."

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