ATLANTIC CITY - Tropicana Casino and Resort's drawn-out sale finally came to an end today when buyers led by billionaire investor Carl Icahn completed the $200 million deal.
Tropicana went on the market in December 2007, when New Jersey casino regulators stripped the troubled former owners of their gaming license and placed the property under the control of a state-appointed conservator.
A group of lenders headed by Icahn agreed to buy Tropicana out of bankruptcy last summer. The state Casino Control Commission gave final approval to the sale on Wednesday.
The sale closed this afternoon following the completion of a corporate restructuring in a Delaware bankruptcy court and final paperwork by new parent company Tropicana Entertainment Inc.
"There were a lot of tentacles to this thing. It feels great to wrap this all up," said Gilbert L. Brooks, a New Jersey attorney representing the Icahn-led buyers.
See Tuesday's edition of The Press for additional coverage.