The Atlantic Club and Casino within Atlantic City were forced to reveal their assets and liabilities. This is because of the bankruptcy process they have been going through for months after they rejected PokerStars offer to buy the casino for $15 million dollars.
The Atlantic Club and Casino revealed that in assets alone they owe $17.2 Million Dollars. In Liabilities they owe roughly another $17 Million and the offer that PokerStars made wouldn’t have even been enough for the casino to pay off half of their debt. A court hearing is set for this month, in court “Atlantic Club and Casino” hopes to sell their casino for the magic price that they need. The sale will hopefully be completed at the end of March 2014.
Anyone who recalls the history behind this bankruptcy will know that “The Atlantic Club and Casino” originally accepted the offer made by PokerStars. They then choose to decline the offer after receiving millions of dollars from the Rational Group. They declined their offer after the deadline to get a New Jersey Gambling License had expired. This move was reported by millions and has now given the Atlantic Club and Casino a bad reputation.
The future of the casino is not yet know but it is expected it will be sold at auction for far less than its value.