More than a year after the New Jersey gaming regulators took control of the Tropicana, the troubled casino will finally get new owners. Last week Judge Judith Wizmur of the U.S. Bankruptcy Court in Camden, New Jersey, approved the sale of Tropicana Casino & Resort in Atlantic City, to a group of lenders that includes billionaire Carl Icahn.

Icahn previously owned the Sands in Atlantic City which he sold to Pinnacle gaming in 2006. Pinnacle imploded the Sands to make way for a new casino that they had planned to build. Unfortunately, the current economic conditions forced them to put their plans on hold and now that site sits empty.

Icahn has a way of turning around distressed properties and many analysts are optimistic that he can work his magic with Tropicana in Atlantic City

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