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Billionaire Carl Icahn and a group of investors have filed a petition with the New Jersey Casino Control Commission indicating their intent to bid on the Tropicana Casino.
The Tropicana Casino and Resort has been controlled by a trustee since December 2007 when the commission denied the former owner’s application for licensing renewal. New Jersey State Supreme Court Justice Gary Stein began to oversee the day to day operations until the property could be sold.
Icahn’s proposal suggests that the Atlantic City casino would file for bankruptcy and then be sold at an auction under the authority of the court and the New Jersey Casino Control Commission.
“This petition and the supporting documentation were filed late Monday afternoon,” said commission spokesman Dan Heneghan. “The commission had not yet had time to review them.”
Heneghan went on to say that the commission will begin reviewing all data immediately and that he expects a decision by next month.
The Icahn group has not been the only interested party, but the nation’s struggling economy caused an offer from the Baltimore-based Cordish Company to fall through. Cordish had offered $700 million in cash and stock, or $575 million in an all-cash deal before the proposal was withdrawn.
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