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New Moves for Trop, Trump

ATLANTIC CITY-The Tropicana's market value just dropped sharply, and Trump gets a couple more weeks to pull itself together.

By Eric Peterson | Updated on January 23, 2009

ATLANTIC CITY-Coming on the heels of last week’s news of the attempt by Column Financial to foreclose on Resorts Atlantic City, there’s more bad news involving casino/hotel properties in this troubled gaming mecca–specifically Tropicana and Trump. For one, the market value of Tropicana Atlantic City has just dropped sharply, although that could actually pave the way for the current ownership to keep the property.

As reported by GlobeSt.com, Tropicana Entertainment filed a reorganization plan earlier this month in an effort to forestall the local casino/hotel’s forced sale, for licensing purposes, by state-appointed conservator Gary Stein. Stein has been actively negotiating with the Baltimore-based Cordish Co. for a sale.

The original offer by Cordish last year of $700 million in stock and cash was later reduced to $575 million all-cash. That has now been reduced further, according to a report by the Associated Press, but no one will say publicly just what the new offer is. A spokesman for Stein confirms the reduction, but offers no specifics.

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