Poker Coverage: Poker Tournaments U.S. Poker Markets Sports Betting Poker Strategy

Another NJ Casino Files For Bankruptcy Protection

Atlantic Club Casino Hotel Put In The Papers This Week

Print-icon
 

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.”

 
 
 
 

Comments

idun215
over 7 years ago

hope this casino goes belly up. Snakes in the grass.

 
Reply
 

pokertruth
over 7 years ago

It took several years for the New Jersey Gaming Commission and the Atlantic City government to destroy casino gambling in Atlantic City by way of over-regulation and corruption.
On top of that you have the failing national economy and casino competition from surrounding states.
There is no way in hell that all the existing AC casinos will ever survive or make a comeback.
The only way that New Jersey casinos might make a comeback is if they are allowed to close down in the AC hellhole and open up further west near Philly and further north near New York City.
Otherwise AC casinos are doomed as is.
PA Sands has over thirty poker tables which is just fine for me. It takes me one-half the time to get there verses AC. Also you feel secure once you are there verses AC where you have to keep your eyes wide open anywhere near the boardwalk.

 
Reply
 

dcue40
over 7 years ago

I live in Northern Maryland and AC is only a 2 hour drive for me. I always have a great time when I go. In my opinion, what's killing AC is they've made staying there too expensive for the everyday man. I'm not a high roller but I do my fair share of gambling. I can get a comped room during the week but forget about it on the weekend. They've made it totally unaffordable for me on a Friday or Saturday. I try to go 4 times a year. I'd go more but I'm not paying the outrageous money they want for a weekend stay. Fix the room rates and you fix AC. I'm convinced.

 
Reply
 

pokertruth
over 7 years ago

I live in northern nj. My drive to ac is 2.5 hours. I can get to sands pa in about one hour and I dont't have to stay overnight.

 
Reply