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Tropicana Entertainment LLC has been doing a lot in the past six months to try and clear their name and once again make them a respectable company. They put the company under new control, and have changed several of their policies.
On Tuesday, they were appealing to the state of New Jersey’s Supreme Court. They were claiming that they had been wrongfully stripped of their gaming license last December, and that they should once again be allowed to operate the casino.
That plea was denied unanimously by the Supreme Court. The Court ruled that the owners “lacked financial integrity and responsibility, as well as business ability.” The former owners were hoing to regain control, but now it appears the casino is headed for a bankruptcy auction.
The leading candidates to win the casino is Baltimore based Cordish Company. They have a top bid of 4700 million, although that bid was for $450 million in cash and $250 million in notes. The other offer Cordish made was for $575 million, all in cash.
If the sale goes through the auction, other potential buyers would be allowed to out bid Cordish. It is not yet known if any other companies would enter the bidding at that point.