Thursday, Jan. 10, 2008 | 4:05 p.m.
For sale: Nice casino with oceanfront view and lots of upgrades throughout, including large entertainment, shopping and dining area. Needs some tender loving care. Won’t last!
Interested in buying the Tropicana in Atlantic City? Join the club.
Wednesday, Colony Capital – which owns a piece of Station Casinos, the Las Vegas Hilton and several other casinos around the country, notified Tropicana conservator Gary Stein, the former New Jersey Supreme Court judge overseeing the sale of the property, that it would submit a bid of $850 million for the property.
More than a dozen gaming companies have already expressed interest in the Tropicana, subject to a forced sale after New Jersey regulators denied owner Columbia Sussex a gaming license.
All prospective buyers will receive an offering memorandum in the next few weeks that will likely involve multiple rounds of bids.
“Our intention is to conduct a transparent bidding process that will give all serious prospective bidders an opportunity to submit proposals,” Stein said. “This is a unique opportunity … and we want an even-handed, pristine process."
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