After its former owners were stripped of their license last December, the Tropicana Casino and Resort in Atlantic City may finally have a new buyer.
Gary S. Stein, a former New Jersey Supreme Court Justice and state-appointed trustee of the ownerless casino, said in a prepared statement that the Cordish Company of Baltimore, a multibillion dollar development and entertainment conglomerate, offered to buy the Tropicana for $700 million in cash and stock.
The Associated Press reports that the bid will be submitted to a bank court judge in Delaware, who will conduct an auction where other interested bidders may lodge a higher bid than Cordish if they wish.
The news agency adds that no time frame was offered for the auction's completion, although bankruptcy advisors said they typically last between two and three months after the paperwork has been filed.