An investment group lead by Carl Ichan has finalized a purchase of the Tropicana in Atlantic City. Ichan has gaming experience having previously owned interests in Arizona Charlie's and The Stratosphere in Las Vegas.
The AC Trop was forced into sale when the NJCC opted not to renew the license of previous owner, Columbia Sussex.
The price for Ichan? $200 million - that's 80% less than the $1B the property was expected to fetch. Amazing.