Icahn Group also investing in Cabana casino
10 Mei, 2010, 08:10 (GMT -04:00)
ORANJESTAD — The remains of the Royal Cabana Casino. Icahn Group, the new owner of the casino and The Aruban Resort wants to the casino re-open within one year.
Icahn Group, the new owner of The Aruban Resort will also re-open the former Royal Cabana Casino – the run down shell at the Sasakiweg for nearly two years.
The Gillman Group had started these restoration activities in 2007, but had never completed them. These American investors had had great plans to restore the casino to its ‘former glory’. At the time, they said they wanted to invest 70 million dollars in Royal Cabana Casino. However, this was never realized. Icahn Group has now promised to start with the restoration within a period of one to three months. Casino-manager Tropicana Entertainment, of which Icahn Group is major shareholder, seems to be the most important candidate to manage the casino for the time being. Scott Butera, director of Tropicana, had been on Aruba last week with Vincent Intrieri, senior managing director of Icahn Group and his advisor. However, according to Intrieri, other possible operators are still an option. A delegation of the Icahn Group will return to Aruba this week with the exact calculations to resume the building’s reconstruction.
After The Aruban Resort had been auctioned for 35 million florins last week, it is now definite that the hotel will remain open. According to the Minster of Tourism, Labor and Transportation, Otmar Oduber (AVP) during a collective press conference last Friday with the new owners, the casino will be open again at the end of June. Icahn Group will be looking for a new hotel operator. The casino will re-open in the building where Key Largo Casino had been located until recently. During the press conference, one announced that the dismissed employees of Key Largo would be the first candidates to resume work there.
The timeshare holders of The Aruban Resort seem to be pleased with the take-over. Icahn Partners had purchased the resort for 35 million florins during an auction last Thursday. John Cole, Chairman of the board of owners stated before this newspaper to have held ‘positive conversations’ with representatives of the Icahn Group. Cole said he was confident Icahn would make considerable investments in the hotel and its casino. However, that did not dissuade the cooperative association of timeshare holders from an attempt to secure the 15,000 free timeshare weeks via summary proceedings, which had been held last week Wednesday. For that matter, the judge had rejected the request from the timeshare owners.