Tropicana Purchase A Done Deal

Billionaire financier Carl Icahn’s purchase of the Tropicana Casino and Resort in Atlantic City, N.J., is reportedly a done deal, more than two years after the bankrupt casino lost its gaming license.

Icahn reportedly got the Tropicana for $200 million, said to be about 80 percent less that it might have gone for before the recession hit.

In a statement, Icahn said this is just a first step in getting Atlantic City back on the map.

“There will undoubtedly be tough sledding ahead for Atlantic City, especially in the light of the increasing competition from neighboring states,” Icahn said. “However, I believe that Atlantic City, with its beautiful beaches, can again become a premier destination resort.”

Meanwhile, the billionaire’s bid to take over three of Donald Trump’s Atlantic City casinos has yet to be resolved, with Trump and Trump Entertainment Resorts bondholders fighting that possibility in U.S. Bankruptcy Court.

Icahn has already acquired a majority of the $486 mortgage on the Trump Taj Mahal Casino Resort, Trump Plaza Hotel and Resort and Trump Marina Hotel Casino.

A court ruling in that case isn’t expected for several weeks.