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NJ denies request to return casino title to owner
Thursday, April 3, 2008 at 8:44:15 PM
New Jersey casino regulators on Thursday denied a request to return title to the owners of the Tropicana Hotel Casino in Atlantic City, even though the trustee overseeing the property said the company was in danger of going bankrupt.
The state's Casino Control Commission voted in December not to renew the casino license of owner Adamar, a unit of Tropicana Entertainment, which was acquired by private equity firm Columbia Sussex Corp in 2006.
The resort was placed in a trust and the board appointed former New Jersey Supreme Court Justice Gary Stein as conservator. He has been shopping the Atlantic City resort to potential buyers.
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