A Court of Appeals in New Jersey has agreed with the state's Casino Control Commission's decision in December to revoke the operating license of the Tropicana Casino and Resort in Atlantic City and to put the property up for sale.
"The findings made by the commission that Tropicana lacked financial integrity and responsibility, as well as business ability, are amply supported by the record," wrote the judges.
Among the reasons for the reprimand of the casino's previous owners are the laying off nearly 1,000 employees, unsanitary conditions and poor compliance with state regulations.
Tropicana Casino and Resort is now open under the supervision of state-appointed trustee Gary Stein, a former New Jersey Supreme Court Justice.
All first rounds bids to purchase the Tropicana Casino and Resort have been rejected as too low. Stein told the Associated Press that the casino should eventually be sold through a pre-planned filing under Chapter 363 of the U.S. bankruptcy code. In this way, the buyer could quickly obtain clear title to the property without liens or lawsuits.