Fate of Tropicana AC hangs in the balance

The saga of Atlantic City, N.J.'s Tropicana Casino & Resort has several potential endings, and few of them seem to be positive for owner Tropicana Entertainment LLC.

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Will retired New Jersey Supreme Court Justice Gary Stein sell the Tropicana AC? Will Tropicana be forced into Chapter 11 before $960 million in bond debt comes due on April 20? Will Tropicana prevail in its seemingly desperate efforts to appeal the decision by the New Jersey Casino Control Commission revoking its gaming license?

As TheDeal.com reported Tuesday, Tropicana continues to make an all-out effort to save itself. In its latest plan, Tropicana said that it would be able to cure the default by transferring the title of the casino from Stein to one of its subsidiaries, resulting in that rarity, a group of bondholders actually fighting against curing a default. The conclusion to this drama is fast approaching. Should make for an interesting April in Atlantic City. - Ben Fidler   

See story from TheDeal.com
See story about appeal from TheDeal.com
See story about Feb. 29 ruling from TheDeal.com
See The Deal newsweekly: A bet too far
See TheDeal.com: Colony rolls dice on Tropicana AC
See TheDeal.com: AC casino survives storm
See Dealscape: Bear Stearns to oversee Tropicana AC auction
See Dealscape: Columbia Sussex forced to sell N.J. casino

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