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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.



Gambling News :

Oink Country Love Slot Launches - Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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