Tropicana Casino Sale Path Cleared as Suit Dismissed
The New Jersey Supreme Court acted swiftly to remove the lingering cloud over the sale of the Tropicana Casino Tuesday. The court ruled against the former owners of the Atlantic City resort in their suit to try to regain control of the hotel-casino.
Tropicana Entertainment had had its license renewal denied by the state gaming commission months ago, and the casino has been operated under trustee and former state Supreme Court Justice Gary Stein. Stein had arranged a bidding process, which, while delayed by a round of insufficient bids, eventually led to his selection of the Cordish Company as the potential buyer.
But Tropicana Entertainment filed suit, seeking to block the proceedings of a federal bankruptcy court regarding the transfer of the casino. The suit alleged that the gaming commission's findings had been politically influenced by state Senate President Dick Codey, who sided with workers after massive layoffs by Tropicana Entertainment.
Still the court found that there plenty of valid reasons for the denial of the license. In its decision, the court said the former owners "...lacked financial integrity and responsibility, as well as business ability."
New Jersey Casino Control Commission head Linda Kassekert praised the decision, saying, "It reinforces our position that the decision was clearly based on the record developed before us, and not on any external factors."
The casino has continually operated throughout the dispute, under the guidance of Stein. Over a hundred fifty workers have been rehired, and deteriorating conditions reversed.
