Carl Icahn is the winning bidder for nine casinos

23.01.2010, Nevada gambling regulators approved billionaire investor Carl Icahn's plan to control nine casinos in four states as part of the bankruptcy reorganization of Tropicana Entertainment LLC. Under the plan, Tropicana is reorganizing as a publicly traded company, Tropicana Entertainment, with shares owned by some 150 lenders, said company CEO Scott Butera.

The plan involves casinos in Nevada, Mississippi, Indiana and Louisiana, and still must be approved by regulators in New Jersey because the company owns assets there.

Butera said the casinos will eventually be under the same umbrella with the Tropicana Atlantic City Casino and Resort, which is working through a separate bankruptcy. The plan allows the casinos to remain open while Tropicana changes its financial structure, Butera told regulators. "Our goal is to make sure that our company is healthy and has the resources it needs," he said.

The plans do not affect the Tropicana Las Vegas hotel-casino on the Las Vegas Strip, which is separately owned. Butera said litigation over the licensing of the Tropicana name has not been resolved. The Nevada Gaming Commission unanimously granted Icahn a limited license Thursday while regulators examine his complex finances. He did not appear at the hearing.

The approval comes as Icahn is poised to buy the bankrupt and unfinished Fontainebleau Las Vegas resort on the Las Vegas Strip. Icahn was the last bidder on the project, but the sale must be approved by a federal bankruptcy court in Miami.

Dominick Ragone, CFO of Icahn Enterprises, said the company doesn't yet know its plans for the Fontainebleau project. "We think it's a very good property. We're very excited about it," Ragone said.

Icahn's bid for Fontainebleau was the last standing after two other bids failed to satisfy bankruptcy auction rules, according to a court-appointed examiner. Three additional parties showed interest — two mulling a joint offer — but they didn't bid, examiner Jeffrey Truitt said in filings in U.S. Bankruptcy Court.

Icahn in November offered us$ 105 million in cash plus us$ 51.5 million in construction funding for Fontainebleau in November.

Yogonet.com / ABC News / AP

Über Casinos in Las Vegas:

Casinos.ch ist die Gaming & Entertainment-Plattform der Schweiz und mit über 20 Informationsportalen und rund 100 Internetnamen (Domains) das grosse News- und Pressenetzwerk der Casino- und Glücksspielszene in Europa.

Aktuelle News, Interviews, Fotos und spannende Stories - direkt und live aus den Schweizer Casinos, der Spielbankenszene Deutschlands, über das monegassische Casino von Monte Carlo, weitere Casinos aus ganz Europa und der ganzen Welt finden Sie auf www.casinos.ch. Und last but not least natürlich auch aus der Sin City 'Las Vegas'.

Die Informationen sind unterteilt in die Bereiche Casino-Informationen, aktuelle News, Events, Jackpot und Tournament-Informationen, Fotogalerien, Live-Berichte und Interviews sowie ein täglich wechselndes Glückshoroskop.

Top-Brands: - www.casinos.ch CH-Casino-Plattform - www.swisspoker.ch Poker-News - www.casinopersonal.ch offene Stellen - www.nightlife.ch Ausgangs-Informationen

--- Ende Artikel / Pressemitteilung Carl Icahn is the winning bidder for nine casinos ---


Weitere Informationen und Links:

Weitere Nachrichten der Gaming-Branche