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NJ approves new Tropicana ownership led by Icahn

NJ approves new Tropicana ownership led by Icahn

New Jersey regulators are letting the former corporate parent of Atlantic City's bankrupt Tropicana Casino and Resort operate the business again as a reorganized company owned by a group of investors led by billionaire Carl Icahn.
The state Casino Control Commission revoked Tropicana Entertainment LLC's casino license in December 2007 after finding that former owner William J. Yung III's cost-cutting left the casino understaffed and dirty.
At a hearing Wednesday, the commission found that the reorganized company had cut Tropicana's ties with Yung.
The Icahn-led investment group acquired the casino earlier this year by buying its $200 million in debt. The sale is still working its way through bankruptcy court.


Updated : 2021-04-17 23:42 GMT+08:00