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NJ Casino Commission Approves Sale of Tropicana

ATLANTIC CITY-The Casino Control Commission green-lighted the sale of the Tropicana Casino Resort to investors; next is its disposition via bankruptcy auction.

By Maria Wood | Updated on April 29, 2009

ATLANTIC CITY—A unanimous vote Wednesday by the Casino Control Commission paves the way for the sale of the Tropicana Casino Resort to a group of its lenders. The board also authorized the casino’s conservator to request a US Bankruptcy Court judge to schedule an auction of the property.

“This a major step toward getting the Tropicana into the hands of owners who can meet New Jersey’s strict licensing requirements,” said commission chair Linda M. Kassekert in a statement released by the commission.

Back in 2007, the commission declined to renew the Tropicana’s license, finding its then owners unsuitable. Former New Jersey Supreme Court Justice Gary Stein was appointed as conservator.

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