Carl Icahn has once again proved his business savvy structure. Icahn and few investors have taken over the nine casinos, the Tropicana Casino & Resort in Atlantic City, N.J is included. He now owns about 47% of the shares in the casino.
The Tropicana casino’s license was taken away and it was put into conservatorship. The $200 million debt was let go by investors and replace with the Atlantic City stake. As of now Icahn has control over the Tropicana while license investigation continues.
Will Ichan and investors of the casino be able to improve the company spending and profits? What solutions will they find to overcome the nearby competition? These are few of the questions and concerns the new management team must overcome.
With an “efficient operating style” the new management team has promised significant returns to its investors.
Icahn also has his sights set on the three Trump-branded casinos in Atlantic City. Hearings will continue with the bondholders associated with Donald Trump. However, bondholders believe if Icahn does get the rest of the shares in the casino, regulators would not favor this decision because it would give Ichan a big stake in the Atlantic City market.
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