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.)
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