Cordish Co. Is Probably the Winner
Posted on September 24, 2008 - Filed Under Casino Articles, Casino games, Casino tournaments, Gambling News
Finally, the Baltimore-based firm Cordish Co. was selected yesterday by a state trustee as the prospective buyer of the Tropicana Casino and Resort. Cordish Co. had earlier constructed the Power Plant Live and set up a shopping district in Atlantic City.
The gambling hall that Cordish has decided to buy for $700 million includes one of the biggest hotels of New Jersey. The bid made by the firm will be given to the bankruptcy court located in Delaware. It will carry out an auction where other companies will be invited to place higher bids if they want to purchase Tropicana.
The auction is supposed to continue for two-three months after filing of the paperwork. Cordish bade for this casino in the early part of this year. The state of Kansas selected Cordish last week for the development of casino in Kansas.
David S. Cordish, Chairman of Cordish Co. has expressed his profound excitement on buying the Tropicana Casino and Resort in the Atlantic City. The news has led to a great excitement among the people from the gambling world.
According to some officials it is possible that some other bidder can place a higher bid on this casino before the bid of Cordish is handed over to the bankruptcy court. The ex-owners of Tropicana Columbia Sussex Corp. were stripped of their casino license by the regulators of state in December, 2007.
New Jersey has refused the renewal of a casino license for the second time over 29 years. Trustee Gary Stein stated that Cordish has been selected on the basis of its past records on real estate management and development as well as gambling properties.
The revenue from Tropicana has been down by almost 10 percent since August. It is quite high in comparison to a 5.2 percent drop for other eleven casinos of the city. Columbia Sussex Corp. that bought Tropicana in January, 2007 started slashing payroll that led to an elimination of about 1,000 jobs.
Complaints started coming from guests on issues related to service and cleanliness. Even they took as long as 45 minutes to make payments to the slot winners. This time casino players are hoping for a big change at Tropicana.
