New Jersey’s Atlantic Club Files for Chapter 11 Bankruptcy

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atlantic-club-casinoMaybe they should have taken the $50 million deal offered by PokerStars. New Jersey’s money losing Atlantic Club casino has filed for Chapter 11 bankruptcy according to a news report.

The casino backed off on a deal with PokerStars who were seeking a land-based casino in New Jersey in order to pursue a gaming license in the Garden State and establish its base for further expansion in the United States as more states regulate. Since the deal fell through, PokerStars inked a deal with the Resorts Casino Hotel also in Atlantic City.

The New Jersey internet gaming market already appears to be saturated with potential gaming operator applicants. Several expected to launch for real money play by the end of this month.

The Atlantic Club lost $2.3 million in the second quarter of 2013 in part due to a huge decline of 46% in revenues over the same period last year.

The Atlantic Club is currently owned by a California hedge fund and apparently another un-named hedge fund has put up $15 million in financing to keep the casino in operation during the bankruptcy proceedings. The casino will likely be put up for auction.

 

 

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