NJ panel approves buyer for Tropicana casino

ATLANTIC CITY, N.J. (AP) — Eldorado Resorts has been given temporary approval to own Atlantic City's Tropicana casino, part of a $1.85 billion acquisition of Tropicana Entertainment.

The New Jersey Casino Control Commission granted interim authority to the company Wednesday to own the casino.

The sale of seven Tropicana Entertainment casinos in six states is expected to close later this year.

Billionaire investor Carl Icahn agreed to the sale to the Reno, Nevada-based Eldorado in April.

The Tropicana has improved its financial performance to claim the No. 2 spot in Atlantic City in terms of annual gambling revenue as of the end of last year, trailing only the Borgata.