The Tropicana Casino and resort in Atlantic City’s bankruptcy sale has been approved to a group of creditors led by Carl Icahn. Members of that group include Black Diamond Capital Management and Schultze Asset Management. With the court receiving no other bids for the debt ridden casino, roughly about $200 million worth of debt, Carl Icahn may have purchased himself a very cheap new toy to play with.

When it was first put up for sale in December 2007, the expected price that the casino was expecting was at least $1 billion, but come the recession, this price has eroded to far below it’s once high hopes. With even the most optimistic of operators now revising for bleak times, the Tropicana looks to be selling for about $200 million. The new owners must apply for a temporary approval from New Jersey casino regulators and obtain a full casino license, which could take up to a year.

Carl Icahn is currently listed by Forbes as the 43rd richest man in the world. A former wall street trader, he began taking controlling positions in companies and has a portfolio that includes Time Warner, Motorola and Marvel Comics.

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