Colorful Icahn casino era in Atlantic City not quite overBy Press of Atlantic City - EditorialMay 13, 2018 at 11:44 pmWith the sale of the thriving Tropicana Atlantic City to Eldorado Resorts and a real estate trust, investor Carl Icahn appears to be ending nearly two decades of involvement in the city’s gambling industry.It has been quite a show.Billionaire Icahn is legendary for acquiring assets at bargain prices, extracting their value or shaping them up and selling them at a profit. Forbes magazine calls him one of Wall Street’s most successful investors and one who has been shaking up corporate America for decades.He acquired the Sands casino hotel in bankruptcy in 2000 with an investment of $65 million, and added the former Traymore property next door for another $61 million in 2006. That same year, Pinnacle Entertainment bought the closed Sands from Icahn for $270 million to build a much larger resort on the site. It never did.The following year, 2007, state action and a collapsing national economy started to bring down the value of Icahn’s next local acquisition, the Tropicana casino hotel. The Casino Control Commission refused to relicense its owner, and the state seized the property and put it in the hands of a conservator.