Businessman Drops out of Tropicana Bidding

ATLANTIC CITY, N.J. (AP) - July 30, 2008 Joseph Palladino tells The Press of Atlantic City his group is looking at other casino properties in Atlantic City and Las Vegas, but no longer wants the Tropicana.

He criticized the state trustee overseeing the sale, retired Supreme Court Justice Gary Stein, accusing him of using Palladino's offer to jack up bids from other would-be buyers.

But Stein says Palladino never proved he had the money to buy the casino.

The Tropicana has been for sale since last December, when its former owners were stripped of their casino license after less than a year of poor performance.

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