Want a Casino? New Jersey’s Atlantic Club Is On The Auction Block

New Jersey’s distressed Atlantic Club has filed for bankruptcy protection and is now up for auction (Image supply: dol.wa.gov)

It was quite a weekend that is dramatic Atlantic City.

The Atlantic Club declared Chapter 11 bankruptcy, and next thing you know, the once-much-sought-after land casino was going up for sale as New Jersey inches closer and closer to its November 26th online casino launch, PokerStars was rejected (for now) for an Internet gaming license in the state.

Going When, Going Twice

If you’re interested in buying a casino with a lot of history (that one was originally developed and built by renowned mogul Steve Wynn), now’s your chance. Bids must be received by November 18, as well as the auction itself takes place on a date that is as-yet-undetermined mid-December. a federal bankruptcy judge gave her blessings to the hotel-casino to remain operating ordinarily for now, beneath the umbrella of its Chapter 11 status.

The Atlantic Club’s attorney Michael Sirota noted that ‘we do plan to move fairly quickly,’ saying the casino is too short on operating budget to stay afloat for very long without a speedy sale bail out after making its court filing last week.

‘It’s the beginning of a necessary procedure,’ stated Atlantic Club CEO Michael Frawley. Judge Gloria Burns put her green stamp on the purchase plan, with everyone’s goal being to move it right along. She also offered a thumbs up to the casin Continue reading “Want a Casino? New Jersey’s Atlantic Club Is On The Auction Block”

Fast Track Licensing for New Jersey On-line Casino Operators

It’s prepared, set, buy the major players in New Jersey’s online casino game; major provisional licensing has now been given (Image source: thelicenseplatesite.com)

It is T-minus-two-weeks and counting for brand New Jersey’s big casino that is online, and time for you to get the show on the way, as they do say. With that in mind, more of the key online gaming operators have now been awarded their Internet licensing, without which nothing moves forward.

Susceptible to Further Approval

Noting that they’re ‘transactional waivers’ meaning these companies could yet be subjected to more regulatory nosing around New Jersey’s gaming commissioners granted licensing to PartyPoker’s parent business, Bwin.Party Digital Entertainment, the company formed last year when Bwin then a sports betting firm merged with the major on line poker site PartyPoker to form the entity that is new. The new Bwin is the world’s biggest publicly traded on the web gambling business.

Prior to 2006, when Congress introduced the Internet that is unlawful Gambling Act (UIGEA), PartyPoker was the #1 online cash game poker web site in the usa, a position it held onto for a long time. The huuuge app company complied with the strengthened online laws when they were initiated, but was nonetheless later penalized having a $105 million ‘fine’ in an agreement that is non-prosecutorial the U.S. Department of Justice, while admitting to violating pre-existing wire frau Continue reading “Fast Track Licensing for New Jersey On-line Casino Operators”

Hit With Crisis After Crisis, Caesars Struggles to Keep an Even Keel

Caesars Entertainment is lacking a good week after being hit with numerous crises; any resemblance of Nero here to business CEO Gary Loveman is solely coincidental.

Then Caesars Entertainment Corp. is doing just fantastically well if the old adage that bad publicity is better than no publicity holds true. By any other measures, however: maybe not so much.

As if being forced for PR reasons to cut ties with its Las Vegas Strip hotel that is new casino task partner Gansevoort and bailing from the $1 billion Boston-area casino project with racetrack Suffolk Downs were not enough, the casino giant is now reportedly the subject of federal inquiry into potential violations of the lender Secrecy Act at Caesars Palace, their flagship Las Vegas home. Then add a bizarre and shooting that is random of Drai’s at Caesars-owned Bally’s in nevada, a tragedy that left one patron dead who ended up being trying to tackle the gunman, along with two security guards wounded. And finally, a baby’s body reportedly found behind Planet Hollywood on the Strip in the same week might are making it seem like the Apocalypse had landed in Caesars’ garden in front of schedule.

Problem After Problem for Caesars

Needless to say, the company’s industry-high $23.5 billion debtload that is long-term maybe not also news anymore; it’s just become a huge yoke that Caesars now carries around wherever it goes these times. The question is, whic Continue reading “Hit With Crisis After Crisis, Caesars Struggles to Keep an Even Keel”