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Cordish Would Spend $100M for Tropicana Redo

ATLANTIC CITY-The prospective buyer's plans start to roll out even as the current owner is challenging the deal.

By Eric Peterson | Updated on September 30, 2008

ATLANTIC CITY-Potential Tropicana Casino and Resort buyer Cordish Co. has started to roll out some ideas of what it plans to do with the troubled property, even as current owner Tropicana Entertainment is looking to challenge the pending deal in court. The latter let its feelings be known last week after the potential $700-million deal was put on the table.

In general terms, the Baltimore-based Cordish says it will spend $100 million on top of the $700-million sale price to renovate and reposition the 2,100-room property and its 150,000 sf of casino and retail space. Those general plans were released by bankruptcy conservator Gary Stein, a former New Jersey State Supreme Court justice and current partner in the Hackensack law firm of Pashman Stein, who’s overseeing the sale.

That information, as well as details of the pending sale itself, was released by Stein in response to Tropicana Entertainment’s threats to block the sale. The Trop’s troubles started in December when the Casino Control Commission pulled the hotel’s gaming license, citing a number of violations. Ownership’s inability to regain that license effectively threw it into bankruptcy court, and the sale when it occurs, will effectively be an auction.

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