Billionaire Carl Icahn is continuing to make waves in the US gaming industry with the acquisition of both the Fontainebleau resort in Las Vegas, Nevada, and the Tropicana Casino Resort in Atlantic City, New Jersey.
On Wednesday, the New Jersey Casino Control Commission gave final approval to the sale of the Tropicana to companies owned by Icahn and granted them temporary permission to operate the casino, which has been the subject of a great deal of speculation since its licence was suspended in December 2007. Icahn agreed to pay $200m for the property in a bankruptcy auction held in 2009 and the sale will now be subject to a full investigation and hearing into the suitability of the company and its owners. The commission also approved the financing plan for Tropicana Atlantic City and its new parent company, Tropicana Entertainment.
Sharon Anne Harringtion, vice-chair of the commission, said Icahn’s decision to re-enter the New Jersey casino market is a positive sign of things to come.
"This is a major step in what has been a more lengthy process than any of us could have anticipated," she remarked. "Carl Icahn’s return to the business of gaming in New Jersey certainly brings… signs of rejuvenation and optimism in the market."
