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Posted At : January 11, 2008 10:53 AM | Posted By : D McKee
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Pennsylvania,Atlantic City
No, not the TV show. That's the number of suitors the New Jersey Casino Control Commission says it has for the Atlantic City Tropicana. The only one so far to throw a number out there is Colony Capital, with its $850 million. (Unsurprisingly, Colony's hired mouthpiece, Owen Blicksilver, did his usual 'no comment' thing. Blicksilver is unique in my experience: a spokesman who never speaks. But I digress.)
With so many expressing interest, small wonder that trustee Gary Stein has had to hire Bear Stearns to help him sort through it all. At least there's no danger of the NJCCC being unable to find a suitable buyer within the appointed 120 days.
No Surprise Dept.: The AP story rules out Harrah's (well, duh!) with its heavy exposure in A.C., as well as Trump -- whose on-again, off-again liquidity would seem to make it a pretty obvious non-candidate ... not to mention having to cope with the recent defection of several key executives.
The degree of interest in the Trop (which proves there's no such thing as bad publicity, just publicity) is some much-needed good news. It comes on the heels of revenue numbers that The Press of Atlantic City calls "a real downer." The silver lining is that there's a new urgency to the talk of reinventing Atlantic City, even if 2012 seems an eternity away.
Then again ... Atlantic City just caught a break, in the form of a slowdown by SugarHouse Casino, while its Philadelphia site is explored for Native American and Revolutionary War artifacts. Thanks to a group called the History Boys, you can read a lot more about British Redoubt #1. It never had to repel a Continental Army assault but its fortifications are now buying a little bit of time for Atlantic City.
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