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Perfect timing helps Icahn group land AC Tropicana
Monday, June 1, 2009 at 2:25:54 PM
Who says you can't time the market?
When the Tropicana Casino and Resort was put up for sale in Jan. 2008, it was expected to fetch about $1 billion.
But after the economy tanked, a group of investors including billionaire Carl Icahn offered to swap $200 million of debt they had already bought at a steep discount in return for ownership of the casino.
And it worked.
"This bargain-basement price for what had been one of the city's heavyweight casinos is a sign of the troubling times, both in the world at large and Atlantic City in particular," said Joe Weinert, a casino analyst with Spectrum Gaming Group. "The Tropicana is an attractive asset that, with the proper focus, has a good upside when the economy rebounds."
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