legal-united-states-poker-sites
  • Online Poker
    • Poker Tournaments
    • Card Rooms
    • Poker Apps
    • Real Money Online Poker
    • Poker Games
      • Caribbean Stud
      • Mississippi Stud
      • Texas Hold'em
      • 5 Card Stud
      • 7 Card Stud
      • 5 Card Draw
      • 3 Card Poker
      • Omaha
      • Omaha Hi Lo
      • Horse Poker
  • Reviews
    • Americas Cardroom
    • Betonline
    • Black Chip Poker
    • Bovada
    • Ignition
    • Sportsbetting Poker
  • Deposit Methods
    • Bitcoin
    • Prepaid Visa
    • Visa
    • Cash App
    • Mastercard
  • Poker By State
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Indiana
    • Idaho
    • Indiana
    • Illinois
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Massachusetts
    • Maryland
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming
  • World Series of Poker
    • Schedule
    • Main Event
    • Satellite
  • Poker Strategy
    • Bankroll Management
    • Betting Rules
    • Bluffing
    • Check Raising
    • Hand Rankings
  • Tournaments
Flag Background
Home › News › Latest Chapter for Atlantic Club is Chapter 11

Latest Chapter for Atlantic Club is Chapter 11

Written by Cliff Spiller
Last updated on November 2nd, 2018
Featured Image The Atlantic Club Casino Hotel in Atlantic City has been successful at one thing this year: keeping its name in the headlines. News broke this week that the ailing land-based casino filed for bankruptcy protection yesterday. The Wall Street Journal is reporting that the move is a precursor to a sale at auction. Property has struggled for several years along with Atlantic City as a whole In documents filed in New Jersey, the Atlantic Club listed its land value at $10 million and the value of its buildings at half that - $5 million. As we reported earlier this week, land values in Atlantic City have plummeted right along with the city's gambling revenue, which has declined every year since reaching a peak back in 2006. The Atlantic Club's total debts stand somewhere between $10 million and $50 million, with some liabilities - such as employee pensions - yet unknown, according to the paper. The current owner of the Atlantic Club, which in recent years has branded itself as a downmarket locals casino with the rather dismal slogan of "a casino for the rest of us," is California-based investment group Colony Capital. Atlantic Club killed deal with PokerStars earlier this year Earlier this year, the Atlantic Club was in the news at first due to its agreement to be bought out by the parent group of online poker behemoth PokerStars, Isle of Man-based the Rational Group, and later, its move to terminate said purchase contract. That deal, which was first agreed upon last December but only came to light at the beginning of 2013, was abruptly canceled by the Atlantic Club this past Spring, with the casino citing PokerStars' failure to gain interim licensing from New Jersey gaming regulators prior to an outside date stipulated in the purchase contract as the reason behind the termination. PokerStars sued to get the sale back on track, a move that ultimately failed as the case was decided in favor of the Atlantic Club, one of the worst-performing of Atlantic City's twelve land-based casino properties. PokerStars still pursuing New Jersey iGaming license The company's defeat in the Atlantic Club case, however, was fairly short-lived; PokerStars went on to announce a partnership with Resorts, Inc., the oldest casino in Atlantic City, in short order. It should be noted that while real money online gambling web sites are set to be open to all Garden State residents and visitors, so long as they are located within the state's borders at the time they access the games, in a short 19 days, PokerStars has yet to be issued a license by New Jersey gaming officials. Should PokerStars receive a New Jersey iGaming license, it will represent a re-entry into the U.S. real money online poker market, having not offered games to American players since its site was shuttered and funds seized amid a crackdown on unregulated offshore companies by the United States government in April of 2011. Whether or not New Jersey officials issue the company a license remains to be seen; there are some - including powerful lobbying group the American Gaming Association - who would like to see such companies barred from participating in the nascent U.S. regulated online wagering market.

Comments

Leave a CommentCancel Reply
Placeholder Image Sign Up
Balanced equations and poker chips

GTO vs. Exploitative Play

Bonuses and Poker Room ROI: A Complete Guide to Maximizing Returns

Bonuses and Poker Room ROI: A Complete Guide to Maximizing Returns

Money floating in space in front of a background with a yacht

Which US States Earn & Spend the Most? The Top High Roller States Revealed

See All
$500 prize pool poker tournaments

LUSPS Freeroll Monthly Winner Announced as ‘Nagisa’ Wins $180!

a person playing online poker

LUSPS Freerollers Open Nears Conclusion in Bumper $500 Finale

David Lappin Playing at the partypoker Glasgow tour

David Lappin: Partypoker UK Tour Glasgow

See All
Legal Us Poker Sites
Browse Our Site
  • Poker Reviews
    • Ignition Review
    • Bovada Review
    • BetOnline Review
    • Americas Cardroom Review
  • State Laws
    • Texas
    • Florida
    • California
    • Virginia
    • Washington
    • Ohio
  • Georgia
  • Illinois
  • Colorado
  • New York
  • Arizona
  • Massachusetts
  • Wisconsin
  • Contact Us
  • Responsible Gambling
  • About Us
  • Sitemap
  • Privacy Policy
  • Authors
You Are In Safe Hands
Our Recommended Poker Sites Have Been Verified by
18+ BeGambleAware MGA
Follow us:

© 2024 Hyperdrive Promotions UAB | All Rights Reserved. Trust in Your Bets, Gamble Responsibly.
For Visitors 18 Years and Older.

Hyperdrive Promotions UAB
Level 27, Wing On Centre, 111 Connaught Road Central
Sheung Wan, Hong Kong
Tel:+1 (419) 601-6487