{"id":6681,"date":"2013-12-11T19:17:47","date_gmt":"2013-12-11T19:17:47","guid":{"rendered":"https:\/\/forumarchives.tmsites.net\/index.php\/2013\/12\/11\/atlantic-city-casino-to-go-to-auction-dec-17\/"},"modified":"2013-12-11T19:17:47","modified_gmt":"2013-12-11T19:17:47","slug":"atlantic-city-casino-to-go-to-auction-dec-17","status":"publish","type":"post","link":"https:\/\/forumarchives.tmsites.net\/index.php\/2013\/12\/11\/atlantic-city-casino-to-go-to-auction-dec-17\/","title":{"rendered":"Atlantic City casino to go to auction Dec. 17"},"content":{"rendered":"


\noriginal story from Press of Atlantic City http:\/\/www.pressofatlanticcity.com\/news\/breaking\/bids-may-vary-widely-in-atlantic-club-auction\/article_b6cb16b0-61c5-11e3-b3ea-001a4bcf887a.html<\/a><\/p>\n

\tATLANTIC CITY\u2014 A wide variety of bids may be considered when The Atlantic Club Casino Hotel is sold at a bankruptcy auction next week.
\n\tMichael Sirota, an attorney representing the casino, said qualified bids must offer enough to satisfy post-bankruptcy financing of between $9 million to $15 million, and include a $4 million deposit.<\/p>\n

\tThe auction is scheduled for Dec. 17.
\n\tMichael Frawley, the casino’s chief operating officer, would not discuss specifics of the casino’s finances, nor predict what it might sell for.
\n\t"We’re following the process very closely and hope for the best," he said.<\/p>\n

\tAtlantic City’s southernmost casino filed for Chapter 11 bankruptcy protection last month after trying in vain to find a purchaser.
\n\tIt has struggled to compete with newer, larger casinos, and targeted low-rollers and local residents as part of a value-pricing strategy that has enabled the casino to increase its revenues in recent months.<\/p>\n

\tBut the improvement did not come fast enough to stave off a Chapter 11 filing. Last week, the casino listed assets of $17.7 million, excluding real property, and liabilities of $16.8 million.<\/p>\n

\tTo this point, the lowest price ever paid for a casino in Atlantic City was the $31.5 million the Resorts Casino Hotel sold for in Dec. 2010.
\n\tSince then, two deals to sell casinos at lower prices have fallen through. The Rational Group, the British parent firm of PokerStars, offered $15 million for The Atlantic Club \u2014 and actually gave the casino $11 million of that amount as advance payments to help it get through last winter, which is part of the ongoing litigation.<\/p>\n

\tAnd Trump Entertainment Resorts struck a deal in February to sell Trump Plaza Hotel and Casino to the Downey, Ca.-based Marcelo Group for $20 million before that deal also fell through a few months later.<\/p>\n

\tBillionaire Carl Icahn bought the Tropicana Casino and Resort out of bankruptcy court for $200 million worth of deeply discounted debt in 2010; the casino originally went on the market for about $1 billion when its former owners lost their casino license.<\/p>\n

\tThe Atlantic Club’s owners, Los Angeles hedge fund Colony Capital, paid $513 million for it in 2005.<\/p>\n

\n

Replies:<\/h3>\n

No replies were posted for this topic.<\/p>\n","protected":false},"excerpt":{"rendered":"

original story from Press of Atlantic City http:\/\/www.pressofatlanticcity.com\/news\/breaking\/bids-may-vary-widely-in-atlantic-club-auction\/article_b6cb16b0-61c5-11e3-b3ea-001a4bcf887a.html ATLANTIC CITY\u2014 A wide variety of bids may be considered when The Atlantic Club Casino Hotel is sold at a bankruptcy auction next week. Michael Sirota, an attorney representing the casino, said…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-6681","post","type-post","status-publish","format-standard","hentry","category-latest-casino-news"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6681"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6681\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}