The Atlantic Club Casino Hotel is due to close next month following a federal bankruptcy judge’s approval of the sale and shut-down.
Atlantic City’s gambling revenue has fallen dramatically in recent years which has resulted in Atlantic Club Casino Hotel becoming the first New Jersey victim of the slump.
It is speculated that other casinos will follow the Atlantic Club’s fate as Atlantic City continues to lose gamblers due to the spread of casinos throughout the Northeastern United States with Resorts and Trump Plaza appearing to be the next to close.
When the Atlantic Club was sold to the current owner, Colony Capital LLC in 2005 it was valued at $513 million but has now been sold to Tropicana Atlantic City Corp and Caesars Entertainment Operation Co for a mere $23.57 million.
When the Atlantic Club Casino Hotel closes its doors on Monday, 13th January, 2014, it will put 1,600 employees out of work. Many of these employees have been working at the casino since the day it opened and are obviously distraught after hearing the terrible news just before Christmas.
The sale will see Tropicana Entertainment claim 1,641 slot machines and 48 table games for $8.4 million while Caesars Entertainment will take possession of the property and over 800 hotel rooms for $15 million.
The Atlantic Club Casino Hotel opened in 1980 as the Golden Nugget and was owned by Steve Wynn.
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