The Tropicana Casino & Resort Atlantic City — Courtesy: Casino Reinvestment Development Authority
By Joshua Burd
State regulators have designated an attorney with Chiesa Shahinian & Giantomasi PC as the trustee for a Nevada-based company’s acquisition of the Tropicana Casino & Resort in Atlantic City.
The West Orange-based firm announced that Lee Vartan, a member in its litigation group, will serve in the state-designated role for Eldorado Resorts Inc. In the role, Vartan will monitor the property’s day-to-day operations as Eldorado obtains its full casino license from the New Jersey Casino Control Commission.
Eldorado was granted interim authority to own the casino by the commission on Sept. 12, following news of a $1.85 billion sale of the operating assets of seven Tropicana Entertainment casinos across six states. Icahn Enterprises L.P. announced in April that its majority-owned subsidiary, Tropicana Entertainment Inc., had agreed to sell Tropicana’s real estate to Gaming and Leisure Properties Inc. for a reported $1.21 billion.
The operator then agreed to merge its gaming and hotel operations into Eldorado Resorts, which is leasing the properties for $640 million. The casinos include sites in Indiana, Louisiana, Mississippi, Missouri, Nevada and New Jersey.
The deal is expected to close in the fourth quarter of 2018.
