It took more than two years, nearly $7.8 million in fees to lawyers and others and a billionaire’s bargain-basement bid, but the Tropicana Casino and Resort has been salvaged by its sale to Carl Icahn, with a deal expected to close Monday afternoon.

ATLANTIC CITY, N.J. — New Jersey on Wednesday ended its conservatorship of Tropicana Casino and Resort after 27 months and gave final approval of its sale to billionaire Carl Icahn.

The sale of the Fontainebleau Las Vegas to Carl Icahn was approved during a bankruptcy hearing in Miami today. Bankruptcy Judge A. Jay Cristol approved the sale at about 8 a.m. Icahn emerged as the only qualified bidder last week.

The sale of the Fontainebleau Las Vegas to Carl Icahn was approved during a bankruptcy hearing in Miami today. Bankruptcy Judge A. Jay Cristol approved the sale at about 8 a.m. Icahn emerged as the only qualified bidder last week.

A bankruptcy hearing for Fontainebleau Las Vegas today is expected to bring Carl Icahn a step closer to taking over the stalled Strip property. Icahn, who emerged as the only qualified bidder last week, is expected receive approval for the sale during today’s hearing in Miami.

Less than two years after its bankruptcy filing, Tropicana Entertainment’s debt has been wiped clean, and the company’s new owner, billionaire Carl Icahn, is injecting $150 million to pay creditors and upgrade properties.

The Nevada Gaming Commission today approved the licensing of Carl Icahn’s Tropicana Entertainment LLC to control three Nevada properties and position the company to oversee nine casinos in four states.

In years past, casino bankruptcy auctions generated a frenzy of activity, with multiple bidders emerging at the last minute with the promise of cash at the other end of a cell phone. Those with little money or credibility would quickly drop out, leaving a few usual suspects vying for a shot at a bargain buy. There may be no such party for the bankrupt, unfinished Fontainebleau Las Vegas resort that is sought by billionaire investor Carl Icahn.

The state Gaming Control Board today recommended approval of the licensing of Carl Icahn’s Tropicana Entertainment LLC to control four Nevada properties and position the company to oversee nine casinos in four states. The board unanimously recommended the licensing of Tropicana Entertainment to control the Horizon and MontBleu casinos in Stateline and the Tropicana Express and River Palms casinos in Laughlin.

Investor Carl Icahn will be the stalking horse bidder for the mothballed Fontainebleau Las Vegas casino resort, offering $156 million in cash and financing Monday and outbidding Penn National Gaming. During a hearing in Miami’s bankruptcy court, Penn National Gaming initially competed with Icahn but then dropped out of the bidding after going as high as $145 million. Penn National last week offered $101.5 million — $50 million in cash and a loan of $51.5 million to be the stalking horse bidder.