The uncertainty about Tropicana's intentions comes from itssuccessful alteration of the sale agreement allowing it to opt outof selling to anyone, and without penalty. The original agreementallowed for Tropicana to seek a higher and better offer during aninterim period but did not allow it not to sell, and El Dorado hadthe right to the aforementioned break-up fee if Tropicana choseanother, higher offer.

"This sale is not a sale," El Dorado proclaimed in itsunsuccessful objection to Tropicana's revised terms, according tocourt documents reviewed by GlobeSt.com. "Tropicana asserts thatits 'proposed procedures will increase the likelihood that Debtorswill receive the greatest possible consideration for the EvansvilleAssets in a sale in the immediate future because they will ensure acompetitive and fair bidding process.' Eldorado believes that theopposite is true. That it may not sell--is likely to deter biddingbecause prospective bidders are unlikely to be willing to expendthe monies necessary to do due diligence, arrange financing andobtain regulatory approval in the absence of an actual intent tosell."

El Dorado Resorts put $10 million in escrow in March, havingagreed to buy Casino Aztar for approximately $228 million and asmuch as $245 million, depending on the property's performanceduring the first year under the new ownership. Tropicana declaredbankruptcy about two months later, technically allowing the companyto get out of the agreement, which it has done.