Auction for Atlantic Club Casino Hotel set on 17 December
Michael Frawley, the casino's COO, would not discuss specifics of the casino's finances, nor predict what it might sell for. "We're following the process very closely and hope for the best," he said.
Atlantic City's southernmost casino filed for Chapter 11 bankruptcy protection last month after trying in vain to find a purchaser.
It has struggled to compete with newer and larger casinos, and targeted low-rollers and local residents as part of a value-pricing strategy that has enabled the casino to increase its revenues in recent months.
But the improvement did not come fast enough to stave off a Chapter 11 filing. Last week, the casino listed assets of us$17.7 million, excluding real property, and liabilities of us$16.8 million.
To this point, the lowest price ever paid for a casino in Atlantic City was us $31.5 million for the Resorts Casino Hotel, which was sold in Dec. 2010.
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