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Article: Tropicana Entertainment says it intends to try to block sale of its New Jersey casino if price is too low.
- Article from:
- Entertainment Newsweekly
- Article date:
- October 10, 2008
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Tropicana Entertainment CEO Scott Butera said that the reported indication of interest by Cordish & Co. in the purchase of the Tropicana City Casino and Resort in Atlantic City is likely to be below the underlying value of the asset and that Tropicana intends to pursue legal and other strategic alternatives to block that proposed sale by the New Jersey state appointed conservator of the casino.
According to Butera, the securities that Cordish is said to be putting up for the purchase are likely to be well below the stated value, thus making highly suspect the $700 million sale price referenced in media reports. Given the softness in the $700 million number, Butera ...