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Atlantic City’s Tropicana Casino and Resort received approval from the bankruptcy court, in June to sell the gaming facility to investors headed by billionaire Carl Icahn.
The terms of the agreement allow the investors group to purchase the casino with a credit bid, canceling $200 million in debt from the $1.4 billion mortgage note on the property.
The reorganization plan for Atlantic Cities third largest casino hotel allows the group to acquire the Tropicana through a stock transaction. According to the state Casino Control Commission the proposal allows the buyers to purchase the property for $200 million, but would continue to hold the current $700 million tax value on the facility.
The original sale price was $1 billion, but was lowered as the property value decreased due to the recession. The Commission approved the restructured purchase agreement to prevent the new owners from being penalized with high tax rates if it was to sell the property for more than the $200 million purchased price.
The current owners of the gambling facility lost their license in December 2007 following regulatory violations and mass layoffs that left the property uncared for.
The casino remains under the control of a state appointed conservator until the sale can be finalized in December or January.
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