A report in the Wall Street Journal claims that The Atlantic Club casino and hotel in Atlantic City is getting set to file for bankruptcy protection, shortly after rebuking an acquisition attempt by PokerStars owner The Rational Group.
The troubled casino will reportedly file for Chapter 11 protection and will see the property put up for auction. The casino would possibly have a $15 million floor price in any auction, as the casino recently secured that same amount in bankruptcy financing from a US based hedge fund.
For roughly a year, Casino Listings has reported on Rational's attempt to purchase The Atlantic Club. The PokerStars parent group and the casino secured a deal with a timeline put in place which required Rational to obtain a New Jersey gaming license. While still waiting for the licensing decision, the time deadline expired and The Atlantic Club refused to let Rational extend, pocking $15 million of the poker firm's money in the process. A contentious lawsuit was filed by Rational, but the group lost in court and eventually abandoned its plans to buy the troubled casino.
Past stories on this topic can be found below: