Numerous gambling companies have expressed interest in either entering the Atlantic City market, or expanding their presence here.

Meanwhile, speculation swirled about possible purchasers for the Tropicana if Columbia Sussex is not successful in overturning the commission's decision. Stein said he could not speculate on who would run day-to-day operations at the Tropicana, but said it would not be him. I'm sure I'll learn something about casinos.' 'You learn from everything you do in life. 'It's different, I'll tell you that,' said Stein, who served on New Jersey's high court for more than 17 years. Stein planned to be in Atlantic City on Friday to meet with the casino commission.

The last time was in 1989 when it ruled that the owners of the former Atlantis Casino were too financially shaky - to the point where regulators feared the casino did not have enough cash on hand to pay jackpots to winning gamblers. The casino commission's decision marked only the second time in the 29-year history of legalized gambling in New Jersey that it had denied a license renewal. Such a default could affect casino licenses the company holds in other states, it wrote in its application to Appellate Judge Joseph F. said the denial of the license would trigger a default 'on a complex cross-collateralized credit agreement' affecting numerous companies in several states. Stein to oversee the Tropicana's operations until it can be sold.Īffiliates of Kentucky-based Columbia Sussex Corp. The state Casino Control Commission appointed former state Supreme Court Justice Gary S. The casino and its hotel - the largest in New Jersey with 2,129 rooms - continued to operate on Thursday, and state officials stressed that there would be no disruption to the Tropicana's operations, regardless of who owns it.

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