Tropicahna : Done Deal
One man's folly is to another man's $ale of the Century.
The long embattled Tropicana Atlantic City has been sold in New Jersey Bankruptcy Court to former Sands AC owner Carl Icahn for a paltry $200M smackers.
Icahn, known for buying distressed assets at firesale prices and selling when the getting is good, proved to be the resort's last resort, as elucidated by Bankruptcy Court Judge Judith H. Wizmur:
There is basically no other option available at this point.
The next hurdle in the process is Icahn's organization gaining a gaming license, which should be completed within the next six months.
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