NEW YORK, March 4 /PRNewswire/ -- Yesterday the New Jersey Casino Control Commission approved the acquisition of the New Jersey Tropicana Casino & Resort by an entity owned 46% by affiliates of Carl C. Icahn. That approval clears the way for the entire Tropicana organization to emerge from bankruptcy, in a transaction that is expected to be completed early next week. Mr. Icahn said that he was extremely pleased that the Casino Control Commission's approval had been granted and that he wished to thank the New Jersey Casino Control Commission, as well as the Division of Gaming Enforcement, for working so assiduously.

Regarding the Tropicana's New Jersey operation, Mr. Icahn noted that "there will undoubtedly be tough sledding ahead for Atlantic City, especially in light of the increasing competition from neighboring states. However, I believe that Atlantic City, with its beautiful beaches, can again become a premier destination resort. For this to come to fruition, casino hotels must invest capital not only in their own resorts but also in 'major events' that will draw gamblers away from competing states." Mr. Icahn added that because it will emerge with only minimal debt, the Tropicana will not only be able to survive but will be in a position to make the investments necessary to succeed.

Mr. Icahn also expressed his appreciation to the casino commissions and regulators in Indiana, Louisiana, Mississippi and Nevada, in which the Tropicana operates, for all of their hard work in completing the approval process. "I look forward with great optimism to the future of the Tropicana," Mr. Icahn stated.

SOURCE Carl Icahn