Atlantic City's Tropicana could get special tax break

Nov 24, 2009 2:09 AM
Industry Insider by Ray Poirier |

Billionaire investor Carl Icahn and his partners will receive a special tax break if they decide to sell the Tropicana Casino and Resort in Atlantic City within the next few years.

Actually, the group, holder of several millions of dollars of the prior owner’s debt, is buying the property for $200 million. Under the reorganization, the federal tax code allows the Icahn group to acquire the property with a stock transfer.

The New Jersey Casino Control Commission has set the tax value of the Tropicana at $700 million and approved an agreement that will save the new owners from a big tax bill if they resell it quickly.

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