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.