Nj-new jersey’s distressed Atlantic Club has filed for bankruptcy protection and is now up for auction (Image source: dol.wa.gov)
It was quite a weekend that is dramatic Atlantic City.
As nj-new jersey inches closer and closer to its November 26th online casino launch, PokerStars had been rejected (for now) for the Internet gaming permit within the state, the Atlantic Club declared Chapter 11 bankruptcy, and next thing you realize, the once-much-sought-after land casino had been going up for purchase.
Going Once, Going Twice
If you are interested in buying a casino with a lot of history (this 1 was originally developed and built by renowned mogul Steve Wynn), now’s your chance. Bids must be received by November 18, while the auction itself will require 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, under the umbrella of its Chapter 11 status.
After making its court filing last week, the Atlantic Club’s attorney Michael Sirota noted that ‘we do want to move fairly quickly,’ saying the casino is too short on operating budget to stay afloat for very very long without a speedy sale bail out.
‘It’s the beginning of a process that is necessary’ stated Atlantic Club CEO Michael Frawley. Judge Gloria Burns put her stamp that is green the sale plan, with every person’s goal being to maneuver it right along. Sh (more…)