Sold! Icahn group gets Atlantic City Tropicana at bankruptcy auction for 80% off

Billionaire investor Carl Icahn's back in the Atlantic City casino business for what amount to at least 80% off. A bankruptcy judge in Camden approved the sale of the Tropicana Casino & Resort to a group of creditors led by Icahn. They're getting it in exchange for $200M worth of debt in the Tropicana that they bought at a steep discount. When the casino-hotel fst went on the market 1-1/2 yrs. ago, the Tropicana was expected to fetch $1B. Since then, the economy continued sliding and competition from racetrack slots parlors in other states has continued battering Atlantic City gambling houses. "Value these days is difficult to assess," Judge Wizmur said. "There is basically no other option available at this point." Mark Giannantonio, president of the casino, said customers won't notice any difference in day-to-day operations while the deal is in the process of closing, which is expected to take several months. "We will continue to deliver excellent service & first-class operations," he said. "We're excited about moving forward with the new owners." Icahn once owned the Sands Casino Hotel in Atlantic City but sold it in 2006 to Pinnacle Entertainment, which imploded it and never built a replacement. Oscar Pinkas, attorney for Icahn, said the business mogul is pleased to acquire the Tropicana, but hasn't yet laid out plans for its future. In addition to Icahn, the largest creditors in the group that won the Tropicana are Black Diamond Capital Management of Greenwich, CT & Schultze Asset Management LLC of Purchase NY, according to court documents. The new owners must now get temp approval from NJ casino regulators and obtain a full casino license, which can take a year. They also may need to form new company to operate the Tropicana. That issue will be discussed next week at a NJ Casino Control Commission meeting. Whether Giannantonio & other current Tropicana managers will be retained hasn