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Tropicana Entertainment asks for casino back
Business Courier of Cincinnati,
Friday, October 24, 2008 at 10:39:21 AM
Tropicana Entertainment CEO Scott Butera told New Jersey regulators on Thursday that he believes his company should be allowed to regain control of the Tropicana casino in Atlantic City, N.J.
Crestview Hills-based Tropicana Entertainment, which filed Chapter 11 bankruptcy in May, was once part of Columbia Sussex Corp., a Northern Kentucky-based hotel operator. Tropicana Entertainment lost control of the Atlantic city casino last December after the New Jersey Casino Control Commission voted to not renew the casino's license and hired a trustee to sell the property.
According to Reuters, Tropicana Entertainment has now filed a petition with the commission, claiming it is better able to stop the casino's drop in gross operating profits and get a better sale price. Baltimore-based Cordish Co. is the leading bidder in a $700 million deal to buy the 14-acre casino and resort.
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