Tropicana Casino gets 4 extra months to find buyer

Tropicana Casino gets 4 extra months to find buyer The New Jersey Casino Control Commission granted the request of the overseer of the Tropicana Hotel & Casino for a 120-day extension to sell the gambling property for fair market value. Former state Supreme Court Justice Gary Stein is the overseer of the casino, who was appointed after its former casino owner, Columbia-Sussex Corp. was denied a renewal of its license, after receiving complaints ranging from massive layoffs to problems with service and cleanliness. The lack of license forced the state to seek a sale of the casino, but according to Stein, the bankruptcy filing by a Columbia Sussex affiliate, Tropicana Entertainment LLC, led to potential buyers to low-ball their offers. Mr. Stein requested and was granted a 120-day extension in order to find a buyer who would pay a "fair market value" for the troubled casino, although an exact number was not disclosed. The extension also effectively rejected all current bids and restarted the sale process.

Published on 06/19/2008