ATLANTIC CITY, NJ Billionaire financier Carl Icahn, who took control last week of the Sands Hotel & Casino, has won permission from New Jersey casino regulators to intervene in Pak Place Entertainment Corp. s bid to take over the bankrupt Claridge Casino Hotel.
In a 4-0 vote, the state Casino Control Commission said the Sands will be allowed to present evidence and witnesses when Park Place Entertainment comes before the panel later this month seeking approval of its proposed $77.1 million purchase of the Claridge.
Icahn, who beat out Park Place for the right to pull the Sands out of bankruptcy in July, contends that a Park Place takeover of the Claridge would effectively strangle the Sands, which is located next door. In addition, Park Place could shut down a conveyer belt people mover linking the Claridge and the Sands with the Boardwalk. Last year, 850,000 pedestrians used it.
The hearing will be held by the commission on October 26, 2000. (10/5/00)