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.