The firm is trying to regain control of the casino
Tropicana bidder willing to invest us$ 100 million for upgrades
(US).- The lead bidder for Tropicana Casino and Resort plans to invest an extra us$ 100 million in the aging property if its buyout offer is accepted, according to terms of the deal released this week.
2008-10-02
Reading time 37 seg
(US).- The lead bidder for Tropicana Casino and Resort plans to invest an extra us$ 100 million in the aging property if its buyout offer is accepted, according to terms of the deal released this week.
Cordish Co., a casino, hotel and retail developer acclaimed for revitalizing Baltimore's Inner Harbor, has offered us$ 450 million in cash and us$ 250 million in notes as part of a us$ 700 million bid. However, the company has also offered an all-cash bid of us$ 575 million as an alternative.
The terms were made public by Tropicana conservator Gary S. Stein in response to media inquiries and a demand by the casino's former owner for more details about the Cordish proposal. Stein also disclosed that Cordish would spend an extra us$ 100 million to refurbish parts of Tropicana.
Tropicana Entertainment is trying to regain control of the casino, arguing that it has undergone a dramatic management and corporate restructuring in recent months.
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