69°F
weather icon Windy

Icahn group buys Atlantic City Tropicana casino

CAMDEN, N.J. — Billionaire investor Carl Icahn is back in the Atlantic City casino business.

A bankruptcy court judge in Camden approved the sale of the Tropicana Casino and Resort today to a group of creditors led by Icahn. The group is swapping $200 million worth of discounted debt that it bought at a steep discount for ownership of the casino.

When it first went on the market a year and a half ago, the Tropicana was expected to fetch about $1 billion. Since then, the economy crashed and competition from slots parlors in nearby states has battered Atlantic City.

Icahn once owned the Sands Casino Hotel in Atlantic City but sold it in 2006 to Pinnacle Entertainment, which imploded it and never built a replacement.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Sam Bankman-Fried, fallen crypto mogul, gets 25 years in prison

Prosecutors said he had cost customers, investors and lenders over $10 billion by misappropriating billions of dollars to fuel his quest for influence and dominance in the new industry.

Former senator, VP candidate Joe Lieberman dies at 82

Joe Lieberman nearly won the vice presidency on the Democratic ticket with Al Gore in 2000 and almost became Republican John McCain’s running mate in 2008.

Mansion where Menendez brothers murdered their parents sells for $17M

The lavish Beverly Hills mansion where the Menendez brothers fatally shot their parents in 1989 has sold for $17 million, exactly 28 years to the day after the brothers were convicted of the brutal murders.