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Investor group interested in Tropicana9 January 2008ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "An investment group headed by a New Jersey real estate developer and a former top gaming executive has emerged as a potential buyer of the troubled Tropicana Casino and Resort. "Curtis Bashaw, a Cape May hotel owner and developer, confirmed that his group is looking at the Tropicana at the same time it is planning a new casino at the foot of the Route 40 entryway. "...Tropicana is now under the control of a state-appointed conservator, who is overseeing the forced sale of the property after its former owner, Columbia Sussex Corp., was stripped of its license in December by the New Jersey Casino Control Commission. "...Bashaw's casino investment group includes Wallace R. Barr, the former president and chief executive officer of gaming company Caesars Entertainment Inc. Barr, who lives in Linwood, left Caesars in 2005 after it was acquired by casino giant Harrah's Entertainment Inc. in a $9 billion takeover. He walked away with a $26.6 million severance package, according to federal securities documents. "Bashaw owns Cape Advisors Inc., a private development company based in Cape May whose holdings include the resort town's historic Congress Hall and Virginia hotels. "...For Bashaw and Barr, Tropicana's sale presents an opportunity to own an existing casino while their group also possibly develops a brand new gaming property on Albany Avenue, at the base of the Route 40 corridor..." copyrighted material written for and appeared exclusively in The Press of Atlantic City |