The Tropicana and other casino assets have been under the control of a government appointed trustee since December of 2007 after the parent company had its license revoked by the New Jersey Casino Control Commission. The casino was put into bankruptcy and went up for auction but no one seemed terribly interested in the landmark casino.

Carl Icahn, along with other investors, finally decided to take the casino properties in exchange for forgiving the $200 million dollar debt owed to them by the parent company. Along with the Tropicana, the group will also be acquiring casinos in Indiana, Louisiana and Mississippi. The Las Vegasproperty is now under the control of a Canadian private equity firm, Onex Corporation.

The trustee, Judge Gary Stein, will remain in control of the property until Icahn and the investors can obtain a temporary license from the Casino Control Commission. It remains unknown when this will take place and statements have only said “later this year”.