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Colony Capital Makes Bid For Tropicana Atlantic City

By Chuckmonster on Thursday, 10th January 2008 8:02am
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Colony Capital, owners of Atlantic City Hilton and Resorts International in Atlantic City, numerous riverboat casinos throughout the U.S. and the Las Vegas Hilton have submitted a formal bid to purchase the Tropicana Atlantic City.

According to the Press of Atlantic City, the company has offered $850 million dollars in cash for the property. This is the first formal bid that the Trop's trustee - former NJ Justice Gary Stein - has received to purchase the property.

As noted in our previous post, the Trop is expected to fetch between $800M-$1B dollars on the open market. We expect to see many more bids in the coming weeks... and will project that the price tag will exceed $1B.

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