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.
