Possible Tropicana buyer revealed

2008-09-24 12:40:12

The Cordish Company has been named as a possible buyer of the Tropicana Casino and Resort in Las Vegas, it has been reported.

Gary Stein, the conservator appointed by New Jersey to oversee the sale of the Atlantic City venue, announced this week that the Tropicana is in talks with the firm over a $700 million cash purchase of stock.

The news may be welcomed by some within AC after Linda M Kassekert of the Casino Control Commission suggested last week that financial problems on Wall Street could make it difficult for the Tropicana to find any potential suitors.

"I think, frankly, we only have to look at what is going on on Wall Street to understand why the sale is moving so slowly," the Press of Atlantic City quoted her as saying.

A Tropicana sale has been mooted for almost a year after operator Columbia Sussex was refused a license renewal back in December.