WAYNE PARRY, The Associated Press
Posted: Tuesday, December 17, 2013, 10:41 PMATLANTIC CITY, N.J. (AP) - Eleven hours of bidding for an Atlantic City casino failed to produce a new owner for it on Tuesday.
The bankruptcy auction of The Atlantic Club Casino Hotel will resume Wednesday. Participants would not say how many parties remain in the running, cautioning that the number is subject to change.
The casino was formerly known as the Atlantic City Hilton. It has struggled to compete with newer, larger casinos and with gambling halls popping up in neighboring states.
Nearly two years ago, the casino adopted a value pricing strategy, targeting low-rollers and residents put off by or unable to afford pricier casinos. The casino's CEO, Michael Frawley, said that strategy is working but not fast enough to help stave off a Chapter 11 filing.
A deal to sell the Atlantic Club to the PokerStars website for $15 million fell through earlier this year. The two sides remain tied up in litigation, and PokerStars has since aligned itself with Resorts Casino Hotel to offer Internet gambling. But those plans hit a snag when state casino regulators suspended PokerStars' application for two years, citing an unresolved indictment against the company's founder.
In filings with the bankruptcy court, the casino listed assets, excluding real property, of $17.1 million and liabilities of $16.8 million.
With the Atlantic Club's Chapter 11 filing, half of Atlantic City's 12 casinos have filed for bankruptcy over the past six years. The Atlantic Club joins Revel Casino Hotel as Atlantic City casinos that sought Chapter 11 protection this year. Revel emerged from bankruptcy court in May.
___
Wayne Parry can be reached at http://twitter.com/WayneParryAC
| < Prev | Next > |
|---|
Copyright © 2024 ToCasino.net Online Casino. All Rights Reserved. Designed by