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After two years under bankruptcy protection, Atlantic City’s Tropicana Casino and Resort is now under new ownership.
The Tropicana has been under the control of a state appointed conservator since Columbia Sussex Corp lost its gaming license and rights to operate the property following complaints of filth, declining revenue and mass layoffs in December 2007.
Icahn emerged as a buyer last summer in the long running bankruptcy auction that was delayed by legal disputes, the sluggish economy and the global credit crisis.
On Wednesday, New Jersey gaming regulators approved Carl Icahn as the new owner for $200 million, representing the amount of debt Icahn and other lenders canceled on the nearly $1.4 billion mortgage held on the casino.
The states Casino Control commission voted 4-0 to allow Icahn to fold the Atlantic City property into its corporate umbrella of nine casinos in New Jersey, Nevada, Mississippi, Louisiana and Indiana.
While Icahn’s company must still undergo the state’s requisite background investigation and apply for a gaming license, the sale has been finalized following regulatory approval from the states where Tropicana Entertainment operates casinos.
“Carl Icahn’s return to the business of gaming in New Jersey certainly brings … signs of rejuvenation and optimism in the market,” Vice Chair Sharon Anne Harrington said.
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