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Atlantic Club Filing Bankruptcy

Thursday November 7,2013 : ATLANTIC CLUB TO FILE FOR BANKRUPTCY
 
What goes around, comes around.
 
Less than a year after backing out of its deal with Pokerstars parent Rational Group, and making off with around $15 million of Rational's money, the Atlantic Club casino in Atlantic City is about to file for bankruptcy, according to a report in the Wall Street Journal.
 
InfoPowa readers will recall that Rational Group, motivated by a desire to be in a position to launch online gambling in New Jersey through ownership of a licensed land casino,  pumped money and an acquisition deposit into the small, failing land casino owned by the Colony Capital Group whilst a licensing application was considered by the state regulator.
 
When the window allowed for Rational to obtain a license in terms of the acquisition contract expired, Atlantic Club refused to extend and walked away with Rational's cash, triggering an acrimonious law suit which Rational lost.
 
This week a reliable source informed the WSJ the casino is preparing to file in U.S. Bankruptcy Court in Camden, N.J for Chapter 11 bankruptcy protection and will put the business up for auction.
 
The law firm of Cole Schotz is handling the casino's Chapter 11 case, sources said. The company has lined up about $15 million in bankruptcy financing from a hedge fund, according to sources. Under bankruptcy law, that loan could serve as a floor price for the auction.
 
Atlantic Club, Colony Capital and Cole Schotz didn't return Journal calls seeking comment.



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Live Dealer Now At Slotocash - Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.

Advantages of online slots over slot machines - The rise of online casinos means that players no longer have to leave their own house to play casino games.

Betradar Launches US Sports Betting Solutions - With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.

Abdelaouhab Zizi Wins MPNPT Morocco Main Event - Abdelaouhab Zizi has defeated fellow Casablanca resident Fadhil Farag heads up to win the 2018 MPN Poker Tour Morocco Main Event and MAD 375,000 (c. €33,220) after a two-way deal.

Final 12 For MPNPT Morocco - Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).

MPNPT Morocco Updates - Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.

MPN Poker Tour Morocco Day 1A - The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.

2018 MPN Poker Classic - The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.

PDC and Sportradar Renew Deal - Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data

Poker Yaar Joins MPN - Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.

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