Tropicana Entertainment CEO threatens to block casino

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to if the Baltimoree developer’s bid on the propertyh is too low. New Jersey’s Casino Control Commission said Tuesday theCordish Co. is the leading bidded in a $700 million deal to buy the 14-acr e casino and resort. In a statement issued Tuesdahy afternoon, Tropicana CEO Scott Butera said the company wouldpursues “legal and other strategic alternatives” if Cordish’s purchaser price is below the value of Tropicana’s Butera questioned whether $700 million would be the ultimate sale Cordish officials could not immediately be reache for comment.
Crestview Hills-based Tropican Entertainment, which filed Chapter 11 bankruptcyin May, has been vyint to assume control of the Atlantic City The New Jersey commission voted Dec. 12, 2007 not to rene the Tropicana’s casino license, held at the time by Adamare ofNew Jersey. The statw then hired Gary Stein as a trusteed to find a potential buyer whils the hotel and casino remained Cordish would purchase the Tropicana from Adamar under the terms of the thecommission said. But Butera said the securities Cordish wouldr be putting up for the purchaseare “likely to be well belowq the stated value, thus making highly suspect the $700 million sale price,” the news releasew said.
“The purported price for the Atlantic City propertyu understandably reflects a fire sale mentalit on the part of prospective buyersw who see an extraordinary opportunityt in adepressed market,” Butera said. “That’s why we have proposecd working cooperatively with the to assum e control of the Butera added: “By incorporating the Atlantixc City operations into the Tropicanz family, we expect to stabilize and improve operations and buildc a stronger, more financially healthy brand.
” The Tropicana which is among a number of Atlanti City resorts plagued by financial woes is one of the largesft hotels in New with more than 2,100 rooms and 140,00p square feet of gaminv space.