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New Jersey Gambling News Brief

NJ approves Tropicana Atlantic City auction

Reuters,  Wednesday, April 29, 2009 at 3:06:22 PM

New Jersey regulators on Wednesday approved plans to auction the Tropicana Casino Resort in Atlantic City through a bankruptcy court, with a $200 million offer from a group of its lenders, including billionaire investor Carl Icahn, serving as a floor for bids.

"This bankruptcy filing is not the result of financial distress, but it is one that will allow the conservator to sell the casino hotel complex free of all liens and encumbrances," Linda Kassekert, chairwoman of the New Jersey Casino Control Commission, said in a statement.

The deadline for selling the property was extended to the end of this year.

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