Tropicana bidder willing to invest $100 million for upgrades

30 Sep 2008

TLANTIC CITY, New Jersey -- As reported by Reuters: "The lead bidder for Tropicana Casino and Resort plans to invest an extra $100 million in the aging property if its buyout offer is accepted, according to terms of the deal released Monday.

"Cordish Co., a casino, hotel and retail developer acclaimed for revitalizing Baltimore's Inner Harbor, has offered $450 million in cash and $250 million in notes as part of a $700 million bid. However, the company has also offered an all-cash bid of $575 million as an alternative.

"The terms were made public Monday by Tropicana conservator Gary S. Stein in response to media inquiries and a demand by the casino's former owner for more details about the Cordish proposal.

"...Stein also disclosed Monday that Cordish would spend an extra $100 million to refurbish parts of Tropicana,

"...Tropicana Entertainment is trying to regain control of the casino, arguing that it has undergone a dramatic management and corporate restructuring in recent months..."

copyrighted material written for and appeared exclusively in The Press of Atlantic City

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	Tropicana bidder willing to invest $100 million for upgrades 30 Sep 2008 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> TLANTIC CITY, New Jersey -- As reported by Reuters: "The lead bidder for Tropicana Casino and Resort plans to invest an extra $100 million in the aging property if its buyout offer is accepted, according to terms of the deal released Monday. "Cordish Co., a casino, hotel and retail developer acclaimed for revitalizing Baltimore's Inner Harbor, has offered $450 million in cash and $250 million in notes as part of a $700 million bid. However, the company has also offered an all-cash bid of $575 million as an alternative. "The terms were made public Monday by Tropicana conservator Gary S. Stein in response to media inquiries and a demand by the casino's former owner for more details about the Cordish proposal. "...Stein also disclosed Monday that Cordish would spend an extra $100 million to refurbish parts of Tropicana, "...Tropicana Entertainment is trying to regain control of the casino, arguing that it has undergone a dramatic management and corporate restructuring in recent months..." copyrighted material written for and appeared exclusively in The Press of Atlantic City

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Tropicana bidder willing to invest $100 million for upgrades