According to published reports, South African magnate Sol Kerzner has been talking to Tom Barrack, chairman of Los Angeles-based Colony Capital about a deal. While no numbers have been made public, Barrack is said to be looking to pay a lot less than the $400 million Sun has invested in it. Also part of the discussions is an adjacent piece of land Sun had targeted for expansion.
Besides the property's financial woes, Kerzner has had problems with New Jersey casino licensing regulators relating to his past dealings in South Africa. Barrack is looking for a casino foothold in the wake of unsuccessful efforts to buy into Donald Trump's Atlantic City properties.
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