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Tropicana Sale Deadline Extended (Again)

» posted by Chuckmonster
  on 20 March 2009 2:16 am

The deadline for the state of New Jersey to decide who gets the Tropicana A.C. has come and gone (again) with a new decision day set for April 30th.

The NJCCC is currently fielding bets from Carl Icahn, who is also holding $1.5B of bad debt in Tropicana Casino Resorts bankruptcy case.

Icahn divested himself of his previous casino holdings through sales of the Stratosphere, Aquarius Laughlin and the Arizona Charlie's properties in 2007 as well as the Sands Atlantic City in 2006.

CityBoom reader vzboyle left an interesting comment here which quotes a scenario in which the amalgamated Sands properties (collectively, Pinnacle Atlantic City) would revert back to Icahn's control should PNK officially abandon ship. I wouldn't expect Icahn to build anything on the Sands/PAC site, design & development isn't his schtick.

One thing is for sure, this is a buyers market if ever there was one... should buyers have ample liquidity of course. Perhaps if we had a bake sale...






Comments & Discussion:
Posted by vzboyle on Saturday, 21st March 2009 - 6:37 am

Now I know what it feels like to write something and be totally misunderstood. My previous comment had to do only with what was going on in 2006 when the deal was first proposed and how it ended. Icahn was gone whether someone out bid Pinnacle or did not out bid them. The quoted item was from the original sale agreement.

Posted by Chuckmonster on Saturday, 21st March 2009 - 7:56 pm

whoops! don't take it as your fault... i'm a complete boob and aren't afraid to admit it.

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