Atlantic City Casinos
Officials at Stockton say they knew about the longstanding covenant between Trump Entertainment and the Showboat, but were assured it wouldn’t be a problem.
The judge overseeing the Revel hotel bankruptcy in Atlantic City has decided that she can’t rule now on the $82-million offer from Florida developer Glenn Straub.
Glenn Straub’s agreement to buy the defunct casino-hotel expired at midnight Monday. He wants another month to deal with utility issues and the appeals of commercial tenants who remain.
Straub had until midnight yesterday to close on the sale, but didn’t.
And it may center around the defunct Revel property, soon to be bought by Florida developer Glenn Straub.
By executive order, Christie appointed Kevin Lavin as the city’s emergency manager and Kevyn Orr as special counsel to the emergency manager.
The line stretched out of the ballroom of the Sheraton, around the corridor, wrapped around a spiral staircase and ended at the front door of the hotel.
Company officials say operations at its facilities, including a pair of Atlantic City casinos, will go on as usual.
With four casinos gone in the past year, putting more than 8,000 people out of work, New Jersey’s congressional delegation got the US Labor Department to put together $29.4 million in grants for retraining that idled work force.
Icahn, who is poised to buy the Trump Taj Mahal casino-hotel, is ponying up $20 million so it can remain open while bankruptcy proceedings play out.
Judge Gloria Burns has granted a request by Revel Entertainment to cancel the $110-million sale to Toronto-based Brookfield Asset Management.
The owners of Atlantic City’s Trump Taj Mahal have pushed back the scheduled closing date for the casino.
A resource center has opened in Atlantic City, NJ to assist the thousands of people laid off by this weekend’s shutdown of the Revel and Showboat casinos.
“This is a milestone moment in Atlantic City, one in which consolidation in the casino industry must make way for new opportunities,” said mayor Donald Guardian.
It takes progressive slots to a whole new level — and across state lines. And with that, the progressive jackpots are growing.