Two Way Hard Three | Las Vegas Casino & Design Blog
June 12, 2009
Ichan Group Purchases Tropicana Atlantic City
Posted by HunterAn investment group lead by Carl Ichan has finalized a purchase of the Tropicana in Atlantic City. Ichan has gaming experience having previously owned interests in Arizona Charlie's and The Stratosphere in Las Vegas.
The AC Trop was forced into sale when the NJCC opted not to renew the license of previous owner, Columbia Sussex.
The price for Ichan? $200 million - that's 80% less than the $1B the property was expected to fetch. Amazing.
http://www.lasvegassun.com/news/2009/jun/12/tropicana-atlantic-city-sold-carl-icahn-led-group/
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Recent Comments
- All Recent Comments on one page.
- Lea recently commented "The group made the right decision in purchasing Ichan due to its high earni..." in Ichan Group Purchases Tropicana Atlantic City
- detroit1051 recently commented "I spent an hour at the AC Trop when I was up there last month. I was pleas..." in Ichan Group Purchases Tropicana Atlantic City
- Tom M. recently commented "This property was never going to get 1b even in a good economy. I hope tha..." in Ichan Group Purchases Tropicana Atlantic City
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Comments
This property was never going to get 1b even in a good economy. I hope that Icahn can reinvigorate this property. I actually think it is one of the better properties in AC.
I spent an hour at the AC Trop when I was up there last month. I was pleasantly surprised by The Quarter, the "old Havana" entertainment area, everything from the Red Square bar to the Palm, Carmines and other restaurants. The casino, however, is very dated and somewhat depressing. Since AC is such a big slots market, Icahn really needs to upgrade the slots and refresh the casino appearance. I didn't see the rooms. For people used to Las Vegas, the self-parking at all the Boardwalk casinos is a negative, everything from the cramped aisles and narrow spaces to the $5 charge to park. One advantage Icahn has with the Trop is the location of The Quarter right near the garage. As nice as Caesars Pier is, it's the furthest from the parking and, obviously, out into the ocean.
The group made the right decision in purchasing Ichan due to its high earning and lower price of investment. It was such a success.