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Investor bids $950M for Tropicana Casino


Business Courier of Cincinnati,  Tuesday, January 22, 2008 at 5:04:48 PM

The Atlantic City, N.J., casino Columbia Sussex Corp. is being forced to sell attracted a bid of $950 million in mid-January from a New York investor.

Joseph Palladino, principal director of acquisitions for the unnamed investor, submitted the bid on behalf of a company he is forming, according to a news release. The bid, dated Jan. 11, also included a plan to spend $150 million on upgrades for the boardwalk casino.

The bid topped one for $850 million submitted earlier by Los Angeles-based Colony Capital LLC.


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