New Jersey approves Icahn as Tropicana Atlantic City owner
"Carl Icahn's return to the business of gaming in New Jersey certainly brings ... signs of rejuvenation and optimism in the market," Sharon Anne Harrington, the commission's vice-chair, said in a statement.
The New Jersey commission in December 2007 appointed a conservator to oversee the Tropicana after voting not to renew the casino's license amid complaints about hotel operations and compliance with gambling regulations.
The casino-hotel had been owned by Tropicana Entertainment TRPET.UL, a subsidiary, before filing for bankruptcy in 2008, of hotel and casino investor Columbia Sussex Corp.
In a bankruptcy auction last year, Icahn agreed to acquire the Tropicana Atlantic City for us$ 200 million. The financier is currently battling with celebrity real estate developer Donald Trump over control of bankrupt Trump Entertainment Resorts, which has three casinos in Atlantic City.
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