On 12 December 2007 the New Jersey Casino Control Commission ruled against renewing the casino licence of Tropicana Casino & Resort. Back in February 2006 company growth for Aztar Corporation was attributed primarily to the expansion of the Tropicana in Atlantic City, with results ahead of its competitors in the city. The Quarter, a recreation of Old Havana at the Tropicana, with three floors of shopping, dining, theatre and spa services was a winning attraction.

In January 2007 Aztar was acquired by Kentucky-based Columbia Sussex for US$2.75 billion. Colony Capital, a private equity company with two smaller Atlantic City casinos, was outbid. Colony is now reported to have offered US$850 million in a cash deal to acquire the Atlantic City Tropicana. Other potential buyers, including the Mohegan Tribal Gaming Authority and Baltimore-based Cordish Co in partnership with former Tropicana executive Dennis Gomes, are said to have contacted the Commission and Justice Gary Stein, who was appointed trustee with operational control after the Tropicana lost its licence.

The Resorts International Holdings and Colony Capital Acquisitions partnership that has made the formal offer for the Tropicana Casino & Resort has agreed to invest a further US$100 million to refurbish the facilities and to make a US$50 million deposit to guarantee a 30-day period to conduct due diligence and complete financing. Of the potential bidders only Resorts-Colony already has a New Jersey casino licence. (E-01.10.08)

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