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Casino Commission Approves New Tropicana Owners

ATLANTIC CITY-The New Jersey Casino Control Commission has ruled that a Carl Icahn-led group has no ties to the former owner of the Tropicana Casino and Resort and can therefore proceed with its plans to buy the property.

By Maria Wood | Updated on August 28, 2009

ATLANTIC CITY-Earlier this week, the New Jersey Casino Control Commission ruled that a Carl Icahn-led group has no ties to the former owner of the Tropicana Casino and Resort and can therefore proceed with its plans to buy the property once it emerges from bankruptcy proceedings.

Late last month, the commission held a hearing to ascertain if former owner, William J. Yung III, had any ties to the proposed new ownership entity. In 2007, the commission revoked Yung’s license.In a statement, commission chair Linda K. Kassekert said that “testimony and other evidence leave no doubt that any vestige of Yung and his administration at the time of the company’s disqualification will be supplanted by the team in place upon the new Tropicana Inc.’s emergence from bankruptcy.”

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