Another NJ Casino Files For Bankruptcy ProtectionAtlantic Club Casino Hotel Put In The Papers This Week |
|
New Jersey’s Atlantic Club Casino Hotel filed for Chapter 11 bankruptcy protection on Wednesday, marking the second casino there this year to do so. The other was Revel.
In fact, as the Associated Press reported, half of the 12 casinos in Atlantic City have filed for bankruptcy protection over the past six years.
The Atlantic Club, which was once coveted by online poker giant PokerStars, will continue to operate as usual through the bankruptcy proceedings.
The casino, owned by hedge fund Colony Capital, will be looking for buyers.
PokerStars offered $15 million to buy the property, before the deal fell apart. It was reported that the new sale price would be less than that. It’s unclear when a sale would take place.
The price tag would likely be the lowest ever for a casino in Atlantic City. Atlantic Club has been losing money lately, as the city itself has been in a gaming revenue plunge over the past handful of years.
In order to stop the free fall, New Jersey officials earlier this year authorized online gambling. Those games are expected to launch on Nov. 26 and undergo a short trial period.
Since it will be tied up with bankruptcy, Atlantic Club will not be pursuing online gambling right away, the Associated Press reported.
The Atlantic Club was formerly known as the Atlantic City Hilton.
“We believe in our property’s positioning and the value-centric niche we committed to nearly 18 months ago,” an Atlantic Club executive told the Associated Press.
“Our creative branding campaign and the tremendous efforts of our employees have resulted in property growth within a continually challenged market. Unfortunately, the market has taken longer to rebound than we had hoped.”
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
