Former Tropicana owners fight for casino
8th October, 2008
It has been reported that the former owners of the Tropicana Casino and Resort in Atlantic City are doing everything in his power to get back into the casino business there, one way or another.
The casino lost its license in December of last year, but Scott Butera, new CEO of Tropicana Entertainment, is working to get the casino back, but even if that doesn’t work it appears there may be other routes for them to get back into the casino business in Atlantic City.
"If we're not successful, that doesn't mean we won't try and come back in another way," Butera said. "There are going to be assets that will become available."
However, Butera expressed that if the company is unsuccessful in getting the casino back, there are other things they would be interested in doing, such as building a new casino or buying an existing one.
"We're looking to get back the Tropicana Atlantic City, but if it doesn't work out, all those things would be things we would be looking at," Butera said. "We like this market and we really want to be here. We will make the point that we are a brand new company in everything but the name.”
This is only an option for the company if the deal to get the old casino back falls through, which is likely as there are already many investors interested in the property and making bids. Either way, the Tropicana company would like to start from scratch and completely change its brand image in the Atlantic City market.
The casino went bankrupt and was auctioned for $700 million, but the Tropicana Entertainment spokespeople have said the casino is worth at least $950 million and is trying to prevent any sale for less than that amount.
By Michael
