The Press reports that the Tropicana Atlantic City is almost ready to go on the block:
After a 16-month saga, Tropicana Casino and Resort is one step closer to being sold. New Jersey gaming regulators today authorized the property to be auctioned off in bankruptcy.
Gary S. Stein, the state-appointed conservator overseeing the sale, said he would file a Chapter 11 bankruptcy petition later today to begin the auction process and designate a group of lenders headed by billionaire financier Carl C. Icahn as the leading bidder. Icahn and his fellow lenders have offered $200 million.
The auction is expected to occur in June. Although the Icahn group has been named the so-called "stalking horse," or front-runner, other bidders will have an opportunity to submit higher offers.
Wow, they sure work quickly, don’t they? The Tropicana saga is certainly not the brightest moment for New Jersey casino regulation.
