CasinoCityTimes.com

Gurus
News
Newsletter
Search News Subscribe
Stay informed with the
NEW Casino City Times newsletter!
Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter!
Related Links
Related News
 

Casino panel approves Tropicana deal

1 May 2009

ATLANTIC CITY, New Jersey -- As reported by The Philadelphia Inquirer: "New Jersey's Casino Control Commission yesterday unanimously approved an agreement of sale reached by the trustee for Tropicana Casino Resort and a group of lenders that includes billionaire developer Carl Icahn.

"The lenders would act as the stalking-horse bidder with a $200 million credit bid for the troubled Tropicana.

"The vote paved the way for casino trustee Gary Stein to file for Chapter 11 reorganization yesterday in U.S. Bankruptcy Court in Camden, so the Tropicana could be sold at auction free and clear.

"...A hearing on the Chapter 11 petition could be scheduled as early as tomorrow, one of Stein's attorneys, Sean Mack, said. Bids could be accepted as early as May 8, he added..."

< Gaming News