Home / Poker News December 2013 / Atlantic Club Casino Goes Under
Atlantic Club Casino Goes Under
Posted by: James Carter. - Sat, 2013-12-21 01:15
Atlantic City’s Atlantic Club Casino Hotel has officially filed for bankruptcy. The establishment, best known as the operation PokerStars were first interested in when planning their – now tabled – return to the US market via New Jersey, will be chopped up and sold to Caesars Entertainment and Tropicana Entertainment, although the proposed deal involving the two operators still needs to earn the formal blessings of a judge.
According to the terms of the proposed buy-out, Tropicana would pay some $8.4 million for the slot machines and table games of the Atlantic Club Casino, while Caesars Entertainment would pick up the actual property which carries a $15 million price-tag. There are reportedly 1,641 slot machines and 48 table games involved in the deal.
According to Atlantic Club Casino COO Michael Frawley, his operation managed to build up considerable momentum over the last year, due to the dedication and professional attitude of its employees.
Unfortunately, even so, the company found itself unable to effectively compete in Atlantic City’s demanding gaming/hotel environment.
In what looked like a farewell speech, Frawley thanked the employees of the company for having stuck it out. There are a total of 1,659 employees currently working at the Atlantic Club Casino. The operation will close on January 13, until then, it will remain fully operational.
Neither of the two parties involved in the buy-out of the Atlantic Club Casino, nor the New Jersey DGE would comment on what the future may hold for the operation and for its employees.
In January, 2013,
PokerStars struck up a partnership with the Atlantic Club Casino, an agreement which was unilaterally terminated by the land-based operator in April. Subsequently, the
online poker operator filed a lawsuit against the Atlantic Club Casino. Whether or not that had anything to do with the demise of the business is currently unclear.
Create an account at PokerStars now and start looking for those 2014 WSOP qualifiers in January.
