Atlantic Club casino closing on January 13

According to the Associated Press, Caesars paid us$ 15 million for the land and some of its assets. Tropicana paid us$ 8.4 million for the slots and table games. The previous lowest price for a casino was us$ 31.5 million for Resorts Casino in 2010.

The Atlantic Club filed for bankruptcy last month as it faced a possible foreclosure. Earlier this year it had branded itself a destination for lower-stakes gamblers, boasting “the loosest nickel, us$ 5 and us$ 25 slots in New Jersey.” Revenues increased by 13 percent through the first 11 months of the year, but according to court documents, it still lost more than us$ 7 million.

Online gambling firm PokerStars wanted to buy the 75,000-square-foot property ealier this year but couldn’t conclude the deal. The casino said it would close on January 13.
“The events of the last few months have evoked an arra

y of emotions,” Chief Operating Officer Michael Frawley said in a statement. “Unfortunately our pace was unsustainable in the extremely challenging Atlantic City gaming market.”

The casino and hotel will operate as normal until the closing date, the company said. All employee wages and benefits will be paid until the closing date.
Formerly known as the Atlantic City Hilton Casino Resort before changing its name in 2012, the casino is the first to close since the Sands seven years ago. A bankruptcy judge will rule on the sale on Monday.

The casino that would become The Atlantic Club opened as The Golden Nugget in late 1980, an opulent pleasure palace by the sea whose commercials featured owner Steve Wynn delivering fresh towels to Frank Sinatra. The casino will be stripped for parts and sold to two larger competitors, reducing the number of casinos in Atlantic City to 11.