Eldorado Resorts Takes Control Of The Tropicana Atlantic City
The Tropicana Casino in New Jersey is finally under the control of Eldorado Resorts who agreed to pay Carl Icahn $1.85 billion for Tropicana Entertainment.
A deal for the acquisition of Tropicana’s seven casinos resorts happened back in April this year but only now has the New Jersey Casino Control Commission given permission for Eldorado Resorts to take full control of the Atlantic City resort and still on an interim basis until a casino license is reviewed and possibly granted.
Icahn purchase a stake in the Tropicana back in 2008 but made it clear over the last year that he wanted out of the casino business as competition grew and Eldorado Resorts came knocking.
“We’re coming in eyes wide open that we’re going to have to fight for our position in this market,” said Thomas Reeg, the company’s president. “We expect a fight for market share and we’re prepared to get involved. We’re buying an asset that we hope is standing and competing 50, 100 years from now.”