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Tropicana license denied; Casino will remain open while buyer sought

13 December 2007

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "In a stunning move, New Jersey gaming regulators refused to renew the operating license of Tropicana Casino and Resort and turned over control to a trustee who will oversee the troubled property until it is sold.

"By a 4-1 vote Wednesday, the Casino Control Commission ruled that Tropicana's owner, Columbia Sussex Corp., lacked the good character, business ability and financial responsibility required under New Jersey's licensing standards.

"...For now, Tropicana will remain under the control of trustee Gary S. Stein, a retired New Jersey Supreme Court justice. Kassekert noted the casino will remain open under Stein's supervision.

"...The ruling represented an overwhelming rebuke of Columbia Sussex and its controversial chief executive officer, William J. Yung III. For months, Yung was the target of blistering criticism for his aggressive cost-cutting and hundreds of layoffs that jolted Tropicana since he took ownership Jan. 3..."

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