Weak interest shown in Evansville casino

February 14, 2008
None of the roughly 25 parties that have shown interest in buying the Tropicana Casino in Atlantic City, N.J., have told the trustee overseeing the Tropicana that they want the Casino Aztar sister property in Evansville, according to the Evansville Courier & Press.

However, the trustee, Gary Stein, added that potential buyers might be speaking with Wall Street firm Bear Stearns, which is helping him screen the buyers.

The Tropicana, Casino Aztar and Horizon casino in Vicksburg, Miss., have been put up for sale by Fort Mitchell, Ky., parent Columbia Sussex to avoid having to seek bankruptcy protection.

The Tropicana was placed under a trustee after the New Jersey Casino Control Commission denied an application by Columbia Sussex to renew its gambling license.

Evansville Mayor Jonathan Weinzapfel has told the newspaper that two companies have discussed with him the possibility of owning the Aztar.

As part of an agreement reached after the Tropicana license was yanked, Columbia Sussex must sell the Tropicana, Aztar and Mississippi property by June.

The Aztar is threatened by competition from French Lick Casino and by the possibility of Kentucky lawmakers approving gambling.
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