The low-ball offer shows just how steep a toll the recession has taken on the economy and the casino industry in particular. A year ago, the Tropicana was expected to fetch $1 billion.
Icahn's offer sets the minimum price for the Tropicana in a bankruptcy court auction expected to be authorized by state casino regulators within two weeks.
Other parties are free to submit higher bids. If no one else does, the Icahn group gets the casino-hotel for $200 million.
The Tropicana has operated under a state conservator since losing its license in 2007 due to problems with cleanliness, service and compliance with casino regulations.
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