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Sold! Icahn group gets AC Tropicana on the cheap
Friday, June 12, 2009 at 1:10:29 PM
Billionaire investor Carl Icahn is back in the Atlantic City casino business.
A bankruptcy court judge in Camden approved the sale of the Tropicana Casino and Resort on Friday to a group of creditors led by Icahn. The group is swapping $200 million worth of debt in the Tropicana that it bought at a steep discount in return for ownership of the casino.
When it first went on the market a year and a half ago, the Tropicana was expected to fetch about $1 billion. That was before the economy crashed and Atlantic City was battered by competition from slots parlors in other states.
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