Tropicana Atlantic City Sold
A New Jersey bankruptcy court approved the sale of the Tropicana Atlantic City to a group of investors.
Icahn and creditors will claim ownership of the hotel-casino in exchange for $200 million worth of debt in the Tropicana the group purchased at a heavy discount.
The bankrupt property was expected to retrieve $1 billion when it hit the market over a year and a half ago.
The transaction is expected to be complete by the end of the year.
Tropicana Atlantic City is one of the largest hotel-casinos in the city with 2,100 rooms and more than 200,000 square feet of retail and moree and more space.
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Tags: Casino, casinos, Gambling
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