Buyer willing to invest $100M in Tropicana upgrade

ATLANTIC CITY, N.J. (AP) -- The Baltimore developer tapped as a potential buyer of the Tropicana Casino and Resort in New Jersey plans a $100 million face-lift of the troubled casino hotel.

The casino's state-appointed trustee said Monday that The Cordish Company is prepared to pump an additional $100 million into the Tropicana if it is successful in buying the place. The company helped revitalize Baltimore's Inner harbor, and built The Walk, a popular shopping district in Atlantic City.

Trustee Gary Stein selected Cordish as a potential buyer in what would be a bankruptcy court auction of the Tropicana.

The details come after the former owners of the Tropicana raised questions about the proposed deal, particularly the value of securities Cordish was pledging in addition to cash.

Crestview Hills, Ky.-based Tropicana Entertainment LLC said it would go to court to block the proposed sale to Cordish.

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


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