he Friday deadline came and went and Icahn's bid was still the only one. Icahn put in what is referred to as a stalking-horse bid in bankruptcy court. It is necessary for the bankruptcy court to start with this type of bid when trying to sell a property.
There was a possibility that a bid could have come in for the casino after the 5PM deadline Friday, but it have been be much more difficult for that bid to be approved. If it had come after the deadline, the bid would have had to be approved by the bankruptcy court.
Icahn's bid was well below what the Tropicana could have commanded back before the economy in the US fell apart. It had been rumored that the casino could have been sold for us$ 1 billion. Instead, Icahn and his group of partners may steal the Tropicana.
Even with the low price, there is no guarantee that Icahn can help the casino resort survive. Atlantic City casino revenue has fallen to catastrophic numbers in the past few months, with visitors to the casinos down as well.
Casino bankruptcy sales are nothing new for Icahn. He has already bought and turned over the former Sands Casino Hotel. He bought the casino for us$ 65 million, then sold it six years later to Pinnacle Entertainment for a profit of us$ 205 million.