Atlantic City's Tropicana sold to Icahn after years of turmoil

March 09, 2010

ATLANTIC CITY, N.J. - It took more than two years, nearly $12 million in fees to lawyers and others and a billionaire's bargain-basement bid, but the Tropicana Casino and Resort has been salvaged by its sale to Carl Icahn. The $200 million deal completed Monday marks the investor's return to Atlantic City, the nation's second-largest gambling market, and ends one of the most tortured casino sales in U.S. history. Icahn bought the casino out of bankruptcy for 80 percent less than what it was expected to fetch before the recession hit. A previous deal to sell the Tropicana to Baltimore-based Cordish Cos. fell through.

- Associated Press

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