philly.com/philly/wires/ap/news/state/new_je…
Tropicana Sold...Well Almost
I was curious about a couple things and thought others might be interested as it looks like the Trop is going to go for $200 million.
The Trop cost almost $400 to build when it opened Nov. 23, 1981 with 521 rooms.
In 1995 a 604 room tower was added and in 2004 they completed the Havana tower (502 rooms), a new parking garage, retail space, and convention areas.
Columbia Sussex bought Aztar Corp in 2005 for 2.75 Billion.
Now the Trop is going to go for $200 million.... wow
I know that the 2.75 billion figure also included the Vegas Trop (which Columbia still has). But I thought the figures were mind blowing. $200 million is less than half what it cost to build the original structure in 1981.
Tropicana Sold...Well Almost
Sorry - LOL The trop cost almost $400 MILLION, not 400 dollars to build.
When it first went on sale it was worth 1 billion. That%26#39;s what poor times can do.
“lenders headed by billionaire financier Carl C. Icahn appears to have locked up ownership of Tropicana Casino and Resort for the bargain-basement price of $200 million after no other bids were received . . . . a potential buyer has expressed interest and may be allowed to submit a late bid if it is approved by a U.S. Bankruptcy Court judge. . . . A competing bid could force a bankruptcy auction on June 5.”
pressofatlanticcity.com/news/breaking/articl…
That%26#39;s what I was thinking, but I was just corrected. Apparently Ichan holds like a billion in debt and he won%26#39;t make them pay that if his $200 million offer is accepted.
So actual sales price is equivalent to $1.2 billion? $200 million sales price and $1 billion forgiven debt?
Maybe some of the AC winners who post here are trying to come up with $201 million?
“The Icahn-led lenders already hold a $1.4 billion mortgage on Tropicana.”
Having a money making business like the Trop is worth a lot more than sitting on some papers that might take years %26amp; years to collect on, if ever. I’m sure they did all the numbers.
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