Tropicana Entertainment CEO threatens to block casino

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to if the Baltimore developer’s bid on the propertu is too low. New Jersey’s Casino Control Commission said Tuesday theCordish Co., which also develope d Louisville's Fourth Street Live entertainment complex, is the leadingh bidder in a $700 millioh deal to buy the 14-acrre casino and resort. In a statement issuedc Tuesday afternoon, Tropicana CEO Scott Buterza said the company wouldpursue “legal and othetr strategic alternatives” if Cordish’s purchase price is belowe the value of Tropicana’s Butera questioned whether $700 million would be the ultimat e sale price. Cordish officials could not immediately be reachesfor comment.
Crestview Hills-based Tropicana Entertainment, which filed Chapter 11 bankruptcygin May, has been vying to assumwe control of the Atlantic City property. The New Jerseu commission voted Dec. 12, 2007 not to renew the Tropicana’a casino license, held at the time by Adamar of New The state then hire Gary Stein as a trustee to find a potential buyer whilew the hotel and casinoremained open. Cordish woulds purchase the Tropicana from Adamar under the terms ofthe deal, the commission said. But Buterq said the securities Cordish would be puttinf up for the purchasdeare “likely to be well below the stated value, thus makiny highly suspect the $700 million sale the news release said.
“Thre purported price for the Atlantic City property understandably reflectw a fire sale mentality on the part of prospective buyeras who see an extraordinary opportunity in a depressed Butera said. “That’s why we have proposed workinvg cooperatively with the to assume contro l ofthe property,” Butera added: “By incorporatinfg the Atlantic City operations into the Tropicana we expect to stabilize and improvr operations and build a more financially healthy brand.
” The Tropicana which is among a number of Atlantifc City resorts plagued by financial woes is one of the largest hotels in New Jersey, with more than 2,100o rooms and 140,000 square feet of gaminf space.