Saturday January 4,2014 : ATLANTIC CLUB SAGA CONTINUES
Losing bidder seeks a re-hearing on auction decision.
In a move that is probably now of merely academic interest to the online gambling industry, the losing bidder in the auctioning-off of the failed Atlantic Club Casino has said it intends to seek a re-hearing and review of its bid, which was a million dollars better than that submitted by the winners, Caesars Entertainment and Tropicana Entertainment.
According to a report in the Press of Atlantic City, Sobe Holdings LLC will submit the rehearing request on Monday, and if it is refused the company will take the matter to an appeal court.
Although the Sobe bid was higher, but Atlantic City Chief Judge Gloria Burns felt that the Caesars-Tropicana bid carried less risk.
Sobe disagrees with this assessment, and says that instead of stripping the company and retrenching its employees, it wants to revamp and rebrand the property and re-open it as a going concern.
The company has the necessary experience, as it operates and owns Deauville Beach Resort in Miami Beach, Florida.