The Wall Street Journal posted a report that claims “The Atlantic Club, Casino and Hotel” is getting ready to file for bankruptcy. If these reports are true then this comes shortly after the Casinos owners denied an acquisition from The Rational Group, which would have seen the owners of PokerStars and Full tilt Poker take over the embattled casino.
The casino which has been effected by hard times over the last several year is now filing for Chapter 11 Protection. This will have “The Atlantic Club, Casino and Hotel” put up for action with its base price for this casino to be rumored at 15 million dollars, which is far less than what The Rational Group were willing to pay for the casino.
For a year now it has been reported multiple times that “The Rational Group” tried to buy the casino. The group even gained a set time and place in which they would obtain the casino as their own. This would first require the group to gain a gambling license in the state of New Jersey. While waiting for the gaming license, the deadline to buy the casino passed. The casino afterwards refused to extend the deadline and in the process pocketed $15 million of the group’s money. A lawsuit that was filed by the rational group but was thrown out of court and eventually abandoned.
The logic behind the actions of the Atlantic Clubs actions is somewhat disturbing and fails to make sense for multiple reasons. Who will take over the casino will be reported once it is known.