Atlantic Club Casino up for auction
Up for Auction and will go for less than $15 million
The New Jersey Atlantic Club Casino that was at the centre of a bitter battle with PokerStars after the casino pulled out of the deal by the Rational Group to purchase the venue for $15 million is to be sold at auction on the 17th December.
The casino listed all its assets at a filing case so they could be considered for auction before the end of this year. Excluding its real estate value the casino said it had $17.1 million in assets and $16.8 million in debts. Although the Atlantic Casino Club has to release the value estimated of its real estate value, it was given till the end of this week to do so.
The Rational Group who offered $15 million for the casino over a year ago now was accepted originally by the owners before deciding to take the option of withdrawing from the deal, costing the online poker giant all its deposit.
It is not expected to be sold at auction for anywhere near that value now and whom may want to buy the struggling casino venue that is at the southernmost point of all the casinos in Atlantic City.
Currently the casino is still operating although in Chapter 11 however how long this will remain if no buyer comes forward is questionable.
Some of the debts carries by the Atlantic Club Casino are: Slot machine manufacturers are owed according to the listing, Bally Gaming ($722,654) and IGT Corp. ($453,453). The casino owes the city of Atlantic City $2.25 million and Atlantic City Electric $435,897.
