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.

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