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Posted At : August 26, 2009 02:29 PM | Posted By : D McKee
Related Categories:
Columbia Sussex,Regulation,Cordish Co.,Tropicana Entertainment,Current,The Strip,Atlantic City,Carl Icahn
... largely the same as the old boss. Tropicana Entertainment's diligent efforts to get back into the Tropicana Atlantic City have finally paid off. Thus (nearly) ends a prolonged interregnum during which no clearly superior alternativves emerged. Well ... there was an extended flirtation with Cordish Gaming but butterfingered trustee Justice Gary Stein fumbled that away.
Since Carl Icahn's stealthy buy-up of TropEnt stock extinguished Columbia Sussex CEO William J. Yung III's ownership rights, the era of Attila the Yung has finally ended. Also, getting Stein out and private ownership back in is a transition that can't happen soon enough.
On the downside, Trop property prexy Mark Giannantonio (a Yung appointee) remains at the helm. Also, TropEnt CEO Scott Butera and his lieutenants did an undistinguished job of running the Tropicana Las Vegas before selling it to Onex Corp. They still have a lot to prove in Atlantic City.
Dave, I guess the lyrics from "won't get fooled again" ring trueto this story.
The damage the Justass and the Giantonnio Gang did at the Trop AC will cost Ichan, definetly something he didn't figure on, and I MEAN REAL $$$$$$.
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