Buy low. Sell high. Get out before Hard Rock opens. Good move by Carl Icahn. The zillionaire has sold his Tropicana Casino and Resort on the Atlantic City Boardwalk just in the nick of time.
Eldorado Resorts Inc. and Gaming and Leisure Properties Inc. will be the new owners.
As you may recall, Icahn bought a controlling interest in the disgusting, bankrupt, and downright icky Tropicana back in 2010. He turned that s-hole around, big time. We thank him for that. And kudos to Tropicana CEO Tony Rodio & GM Steve Callender, for their excellent management at the field level.
Carl is no dummy. Two new casinos (Hard Rock & Ocean Resort) are ready to open just down the Boardwalk. Add to that, online gaming growth, Philly casinos and eventual North Jersey gambling, Icahn cashed in at the right time.
The seven remaining Atlantic City better put on their big boy pants. Competition gonna get fierce.