Potential buyer of Alantic City casino emerges

ATLANTIC CITY, N.J. (AP) -- A Baltimore developer has been chosen as the potential buyer of Atlantic City's Tropicana Casino and Resort by a state trustee overseeing the property.

Trustee Gary Stein said Tuesday the Cordish Company has offered to buy the gambling hall, which includes New Jersey's largest hotel, for $700 million in cash and stock.

The bid by Cordish will be submitted to a bank court judge in Delaware, which will conduct an auction where other companies can submit higher bids if they wish to buy the Tropicana.

State regulators stripped the Tropicana's former owners of their casino license last December, necessitating a sale of the property.

The declining economy is believed to have lowered the asking price for the Tropicana, which was estimated earlier this year at $1 billion.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


Join the Conversation!

To comment, the following rules must be followed:

  • No Obscenity, Profanity, Vulgarity, Racism or Violent Descriptions
  • No Negative Community Comparisons
  • No Fighting, Name-calling, or Personal Attacks
  • Multiple Accounts are Not Allowed
  • Stay on Story Topic

Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.

Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to webmaster@wvlt-tv.com. Please provide detailed information.

powered by Disqus

WVLT VOLUNTEER TV

6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Gray Television, Inc. - Copyright © 2014 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 29624564 - local8now.com/a?a=29624564