Bankruptcy approval due for AC Tropicana

Apr 29, 2009 7:54 PM
Staff & Wire Reports |

Atlantic City's Tropicana Casino and Resort is about to enter bankruptcy court, where it will be auctioned off to the highest bidder.

New Jersey's Casino Control Commission is expected to authorize a bankruptcy sale Wednesday. The actual filing of a bankruptcy petition is expected to happen shortly after that.

The Trop's owner lost the license in 2007 after eliminating nearly 1,000 jobs that left the casino-hotel dirty and understaffed.

State law mandated that the casino be sold. A group including billionaire investor Carl Icahn has emerged as the leading candidate to win the casino at auction for $200 million, though others could still bid.

Original estimates had the casino selling for $1 billion.

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