Baltimore developer The Cordish Co. was chosen Tuesday as the potential buyer of the Tropicana Casino and Resort in Atlantic City, N.J., by a state trustee overseeing the property.
Trustee Gary Stein said Cordish has offered to buy the gambling hall, which includes one of New Jersey’s largest hotels, for $700 million in cash and stock.
“We feel the Tropicana has the potential, under our control, to regain its status as a premiere casino in Atlantic City,” Vice President Jon Cordish said in an e-mail to The Examiner.
“It fits perfectly with our gaming management and development expertise, and has great synergy with our existing major developments in the Atlantic City market.”
The bid by Cordish will be submitted to a bankruptcy court judge in Delaware, which will conduct an auction at which other companies can submit higher bids if they wish to buy the Tropicana.
No time frame was offered for the auction to be completed, although bankruptcy advisers said they typically last between two to three months after the paperwork has been filed.
Cordish, which developed The Walk, Atlantic City’s popular downtown shopping district, also had been a bidder for the Tropicana during an initial round of bids earlier this year.
Chairman David Cordish said the company is ready and able to close the sale quickly, and plans to work with unions and existing tenants at the Tropicana on a smooth transition.
Stein declined to comment beyond a written statement that said Cordish was chosen based on its capabilities and track record in gambling properties, real estate development and management.
Just last Friday, Cordish was selected by the state of Kansas to develop a casino there.
The company is also known for redeveloping parts of the Inner Harbor and has done projects in Hollywood and Tampa, Fla.; Charleston, S.C.; Houston and Louisville, Ky.
Staff Writer Aaron Cahall contributed to this article.
