Tropicana Entertainment LLC said last week it would submit an application in the coming week to assume operational control over its Atlantic City casino, a claim that would compete directly with Baltimore-based developer The Cordish Co.’s proposed $700 million purchase of the facility.
The application would be a key component of a reorganization that places a minimum acceptable sale price of $950 million in cash for the casino. Cordish had offered securities it said were worth $700 million, a claim Tropicana Entertainment said it doubted.
“Our creditors, our employees and our neighbors in Atlantic City cannot afford to have this marquee Atlantic City property purchased at a severely depressed price,” said Tropicana Chief Executive Officer Scott Butera. – Aaron Cahall
