N.Y. Group Drops $950M Bid On Tropicana Atlantic City

Law360, New York (July 31, 2008, 12:00 AM EDT) -- A New York-based investment group that had offered $950 million for the troubled Tropicana Casino and Resort in Atlantic City walked away completely from the deal on Tuesday, after its bid was rejected by the state-appointed conservator.

Joseph Palladino, the head developer of the group, told the Press of Atlantic City that his group was looking at other casino properties in Atlantic City and Las Vegas, but was no longer interested in the Tropicana.

“We have withdrawn from the bidding. We are looking at other properties...
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