AC Gateway To Bid For Tropicana Atlantic City
The Press of Atlantic City is reporting that the principles behind AC Gateway LLC - Curtis Bashaw and Wally Barr - are in the throes of preparing a bid for the Tropicana Atlantic City. Some of you may remember our previous post which outlined AC Gateway's Dunes, Sahara AC, ACHS land mass acquisitions.
So far, only AC Gateway and the tribal gaming company behind Connecticut's, Mohegan Sun casino have been mentioned by name as active suitors for the Tropicana Atlantic City. With a price tag between $800k and $1B plus a few hundred million bucks to right the damage done by previous owners Columbia-Sussex, it would take a bit of a financing for AC Gateway to pull this off.
Other potential buyers include Pinnacle Entertainment (owners of the recently demolished Sands AC), riverboat operators Ameristar Casinos & Penn National Gaming plus Crown Limited - partners in Macau pure play MelcoPBL.
Regardless of whomever eventually gets the keys to the Tropicana, this change of hands will infuse some fresh ideas into the Atlantic City market, and will definitely be a good thing for Atlantic City as a whole.
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