N.J. to seek Tropicana sale at auction

February 3, 2009 4:21:29 AM PST
Without a deal in place to sell the Tropicana Casino and Resort to a Baltimore company, the state trustee overseeing the gambling hall will ask for permission to sell it at a bankruptcy court auction. Retired state Supreme Court Justice Gary Stein says he will file a petition by the end of the day with the state Casino Control Commission seeking to sell the casino at auction, but without a minimum bid from a company that had been chosen as a potential purchaser.

That potential buyer, the Cordish Company of Baltimore, continues to negotiate to buy the casino. But Stein had to act today in order to meet a deadline the commission set last month.

If approved, the auction would proceed without a $700 million bid that Cordish had offered last year before the economy crashed. Cordish has reduced its bid, but Stein and company officials won't say by how much.

CLICK HERE to follow Action News on Twitter

CLICK HERE to get Action News on your website

CLICK HERE to find Action News on Facebook

Click here to get the latest Philadelphia news and headlines from across the Delaware and Lehigh valleys.


Load Comments