New Jersey’s distressed Atlantic Club has filed for bankruptcy security and is now up for auction (Image source: dol.wa.gov)
It was quite a dramatic weekend in Atlantic City.
As nj-new jersey inches closer and closer to its November 26th online casino launch, PokerStars was rejected (for the time being) for the online gaming permit within the state, the Atlantic Club declared Chapter 11 bankruptcy, and next thing you realize, the once-much-sought-after land casino ended up being rising for sale.
Going When, Going Twice
If you’re interested in buying a casino with a complete lot of history (that one was originally developed and built by renowned mogul Steve Wynn), now’s your chance. Bids must be received by November 18, plus the auction itself will require put on an as-yet-undetermined date in mid-December. a bankruptcy that is federal gave her blessings to the hotel-casino to remain running normally 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 plan to move fairly quickly,’ saying the casino is too short on running budget to stay afloat for very long without a speedy sale bail out.
‘It’s the beginning of the necessary process,’ said Atlantic Club CEO Michael Frawley. Judge Gloria Burns put her stamp that is green the sale plan, with everyone’s goal being to go it right along. She also provided a thumbs up to