Tropicana sale still on despite Bear

By Wayne Parry

Associated Press

ATLANTIC CITY - The meltdown of Bear Stearns Cos. Inc., the Wall Street titan that has been handling prospective buyers for the Tropicana Casino & Resort, will not affect the casino's sale, people involved in the process said yesterday.

The investment bank was sold over the weekend to JPMorgan Chase & Co. for a fraction of its value because of its exposure to risky loans. Bear Stearns, which closed Friday at $30 a share, was sold for a mere $2 a share.

But its spectacular demise is not expected to affect the sale of the Tropicana, which suffered its own meltdown last year as its former owners were stripped of their casino license by the New Jersey Casino Control Commission.

Gary Stein, the retired state Supreme Court justice overseeing the Tropicana's sale, said the sale was moving forward. Bids that had been solicited and supervised by Bear Stearns were due to be submitted to the judge by last night, although a few stragglers may arrive early today.