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15.05.2008
Tropicana Owners Appeal for License Redemption
The former owners of Tropicana Casino and Resort were moved out of town half a year ago and tried to regain their casino license this Tuesday. Currently the property is on sale.
The New Jersey Casino Control Commission rejected their new casino license application blaming on a great number of problems. The casino is still operating under a state-appointed conservator, retired state Supreme Court Justice Gary Stein till a buyer will be found. The former owners will have the money from the purchase.
Nevertheless, the property will not be sold until the latest appeal from the former owners is decided. It is still unknown when this will be done.
At a three-judge appellate panel in Trenton a lawyer for a group of companies owned by William J. Yung III stated the New Jersey Casino Control Commission misinterpreted its own rules before it decided to annul the Tropicana’s casino license. Also, Attorney Karen Confoy asserted the Commission was totally unauthorized to take staffing levels into consideration while deciding whether corporate affiliates of Kentucky-based Columbia Sussex Corp. earned to maintain their license. About a thousand jobs have already been eliminated.
In their turn attorneys for the casino commission and the state Division of Gaming Enforcement point license denial was made due to lots of problems that Yung’s companies encountered in less than a year of ownership. One of the most serious problems appears to be the inability to create an independent audit committee in place for six months.
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