Another Atlantic City Casino-Hotel Struggling Through Bankruptcy
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By David Madden
ATLANTIC CITY, N.J. (CBS) — A bankruptcy judge in Camden, NJ is dealing with the request of another Atlantic City casino that has filed for Chapter 11 protections as it seeks a new owner.
The Atlantic Club, the old Hilton, tried to lure in locals with lower-priced table games, economical food, and entertainment. Even free parking.
But Israel Posner, director of the Levenson School of Gaming Hospitality and Tourism at Stockton State College, says things went downhill after a business deal turned sour.
“They had a difficult time about a year ago when they developed a partnership — or a proposed partnership — with Poker Stars, and that fell through,” Posner tells KYW Newsradio.
Now, hopes are to start accepting bids shortly, with an eye to an auction of the facility by mid-December.
Posner does not expect things to change for casino employees or customers, at least in the short term.
The Atlantic Club becomes the sixth casino at the Jersey shore town to go to bankruptcy court in the last six years.