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$950 million offer for Tropicana22 January 2008TLANTIC CITY, New Jersey -- (PRESSS RELEASE) -- On January 11, 2008, Joseph Palladino, (on behalf of a company to be disclosed), submitted to Justice Gary Stein, trustee in charge for the sale of the Tropicana Casino Resort in Atlantic City, New Jersey, an offer to purchase the property for $950 Million, outbidding a former offer of $850 Million submitted by Colony Capital. This offer was represented through the office of Ms. Joan Haberle, Former Secretary of State, of New Jersey. The Tropicana has been on the market since Dec. 12, 2007, when Tropicana Entertainment LLC, which owns the casino, was forced to sell the property after the Casino Control Commission denied its gaming license, in the state of New Jersey, which triggered the activation of Justice Gary Stein's trusteeship to oversee the Tropicana's operations until the property is under new ownership. The Tropicana originally opened its doors in 1981, and with the addition of the new Havana Tower, in 2004, boasts 2,129 hotel rooms, 3,400 slot machines 172 tables, 21 restaurants and about 150,000 square feet of casino space. The Tropicana remains the largest hotel in the State of New Jersey. Mr. Palladino, Principal Director of Acquisitions for a New York based, Private Family Office, has assembled a highly respected team of licensed operators that are well know state-wide and versed in both financial and casino operations in the State of New Jersey. "Our newly formed company is sure to meet the criteria set by the Casino Control Commission. A major priority for us will be to support the local economy through new jobs and revive the Atlantic City Gaming Community, as well, upgrade and revitalize the Tropicana's, facilities with a capital investment plan that will exceed $150 Million." Also slated for acquisition and development in 2008, states Mr. Palladino, is a 400-room hotel development for New York City's Hudson Yards, and a 200-room beach resort hotel development in Ocean County, New Jersey. The Tropicana is located at 2834 Boardwalk, Atlantic City, NJ 08401. Financial engineering services for Mr. Palladino provided by, Endaxi Financial Inc. |