The Atlantic Club Casino Hotel was on auction earlier this week and never saw any action. The casino was originally supposed to be purchased by PokerStars but the contract fell through months ago. It appeared as though the casino was in limbo and the 1600 staff members were unsure as to if they would still have a job. According to a new report at abc.com, the casino will now be purchased in a joint venture by Tropicana Entertainment and Caesars Entertainment.
The purchase will see the two taking ownership of the property and then shutting the casino down on January 13th. $23.4 million was the sale price and a judge must give final approval before the sale will be finalized. The employees of the casino will soon be without a job and must find new employment.
The report also states that Caesars Entertainment and Tropicana Entertainment purchased the casino to shut down the competition in the marketplace. The two plan on dividing the assets, with the property going to Caesars while the slot machines and table gaming equipment would find a new home with Tropicana. The slot machines and table games have a reported net worth of $8.4 million while the property and hotel rooms have a net worth of $15 million.
The Chief Operating Officer of the Atlantic Club, Michael Frawley, commented in the report on the employees of the company by stating: “First and foremost I would like to express my profound admiration and respect for the employees of this company. The events of the last few months have evoked an array of emotions, and through it all, the employees of the Atlantic Club have remained consummate professionals. It is because of these outstanding individuals that we were able to build considerable momentum over the last year. Unfortunately our pace was unsustainable in the extremely challenging Atlantic City gaming market.”
The Atlantic Club Casino first opened in 1980 and was known as the Golden Nugget. The casino was one of two that had yet to try and offer online gambling options. The Revel Casino is another struggling property in Atlantic City and one that might end up on the sale block if another bankruptcy filing is not conducted.
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