Businessman Drops out of Tropicana Bidding

July 30, 2008 11:20:32 AM PDT
A New York developer whose group had offered $950 million to buy the Tropicana Casino and Resort says they're no longer interested. 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.