from this morning's GlobeStNJ (10/2):
UPDATE Last updated: October 1, 2008 09:13am
Cordish Would Spend $100M for Tropicana Redo
By Eric Peterson
"ATLANTIC CITY-Potential Tropicana Casino and Resort buyer Cordish Co. has started to roll out some ideas of what it plans to do with the troubled property, even as current owner Tropicana Entertainment is looking to challenge the pending deal in court. The latter let its feelings be known last week after the potential $700-million deal was put on the table.
In general terms, the Baltimore-based Cordish says it will spend $100 million on top of the $700-million sale price to renovate and reposition the 2,100-room property and its 150,000 sf of casino and retail space. Those general plans were released by bankruptcy conservator Gary Stein, a former New Jersey State Supreme Court justice and current partner in the Hackensack law firm of Pashman Stein, who’s overseeing the sale." ...
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