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Another Atlantic City Casino Seeks Bankruptcy Protection

Tags: Atlantic City, Atlantic Club Casino Hotel, Bankruptcy Protection, pokerstars.
Posted on 08 November 2013 by "T".

The Atlantic Club Casino Hotel filed for Chapter 11 bankruptcy protection on Wednesday. The Atlantic Club has suffered a $7.3 million loss for the first 7 months of this year according to bankruptcy court documents.

It's the second casino in Atlantic City to file for bankruptcy protection this year, and in total 6 of 12 casinos there have filed for bankruptcy protection in the past six years - a clear indication that the city's casinos have suffered in revenue in the past couple of years.

PokerStars offered $15 million to buy the property in December last year, but an Atlantic County Superior Court judge ruled against PokerStars earlier this year. The Atlantic Club, which is owned by Colony Capital, will continue looking for a buyer and will remain open throughout bankrupcty proceedings. It currently has 1,660 employees and, according to Michael Frawley, the casino's chief operating officer, there are no layoffs planned.

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6 comments on "Another Atlantic City Casino Seeks Bankruptcy Protection"

 Heskor08/11/2013 13:32:26 GMT
Wtf mate, sad to see that poker online in the USA and having US players pools is not coming for any time soon. They should have allowed pokerstars to buy it, but I think it is mostly because of the legislation.

Sad but at this rate poker in America will die slowly. Also sad for the poker online rooms, I think that if they are to get out of bankruptcy they would have to get a local buyer! A US based buyer that is!!
 doubletop77708/11/2013 13:49:35 GMT
pokerstars should have been allowed to buy this casino it doesnt make sense to deny this, they were happy to sell and this would have safeguarded nearly 2k jobs. it really is a worrying time for poker casinos everywhere
 noonlion08/11/2013 17:44:16 GMT
Casino's can lose money!!! Evidence!!!

America is bizarre - sure own a sub-machine gun at 16, but playing poker? Well that's illegal...

I think the way peoples money situation is means people are staying away from casinos, online will be taking away revenue...or maybe there are less degen gamblers.
 kulturniss10/11/2013 00:20:27 GMT
They should let pokerstars buy, I would like to see US players around, and take there money Blink
 Macubaas11/11/2013 21:24:56 GMT
America is a very, very strange country to say at least, i mean if someone in this case it was stars has the money and wants to buy a property why/how you can stop that?

My impression is that they want to close poker in US for good and that would be a shame.
 mirexxx11/11/2013 23:27:52 GMT
Formerly known as the Atlantic City Hilton, the casino has struggled in the city’s cutthroat casino market. A deal to sell it to the world’s largest poker website fell through earlier this year.

Atlantic Club COO Michael Frawley says the casino’s strategy of offering low-priced gambling, food and entertainment has been working, but the market has not rebounded as fast as he hoped.

It joins Revel, the Tropicana and the Trump casinos among those who have sought bankruptcy protection in recent years.

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