Billionaire investor Carl Icahn is back in the Atlantic City casino business.
A bankruptcy court judge in Camden approved the sale of the Tropicana Casino and Resort today to a group of creditors led by Icahn. The group is swapping $200 million worth of discounted debt that it bought at a steep discount for ownership of the casino.
When it first went on the market a year and a half ago, the Tropicana was expected to fetch about $1 billion. Since then, the economy crashed and competition from slots parlors in nearby states has battered Atlantic City.