A new owner for the Tropicana Casino and Resort in Atlantic City is being sought after the New Jersey Supreme Court upheld the New Jersey Casino Control Commission's decision not to renew its casino licence.
The commission voted four to one not to renew the Tropicana’s licence in December, citing a number of business decisions that hurt the business, as well as executive changes that called into question the company’s overall business ability and casino experience.
"We are pleased with the court’s ruling," said commission chair Linda M Kassekert. "It reinforces our position that the decision was clearly based on the record developed before us and not any external factors."
Negotiations to sell the property were placed on hold in October when the court agreed to hear an appeal from Tropicana.
"We appreciate the fact that the court heard this matter and issued its ruling in such an expedited manner.
"It heard and decided this case very quickly which minimised any disruption or delay to the efforts to find a qualified buyer for the Tropicana."