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”