ATLANTIC CITY-Bids on the troubled Atlantic Club Casino, which filed for bankruptcy protection last Wednesday, are due on Nov. 18. An auction sale on the property is expected to be held sometime in mid-December.
The bid deadline was approved by U.S. Bankruptcy Court Judge Gloria Burns on Friday. The judge also allowed the casino to continue to pay its 1,660 workers, pay taxes and honor casino chips, according to a report in the Press of Atlantic City.
With a bid auction set for mid-December, a closing on the sale could come by the middle of February 2014. Michael Frawley, chief operating officer for the Atlantic Club Casino, said of the initial bankruptcy court hearing, “It’s the beginning of a necessary process. We’re fairly confident it will move quickly.” Eric Matejevich, co-chief operating officer of the casino’s parent company, told the Star Ledger last week that a number of potential buyers have expressed interest in acquiring the property in the bankruptcy proceedings.
The Atlantic Club was the second Atlantic City casino to file for Chapter 11 bankruptcy this year. Revel Casino Hotel emerged from bankruptcy in May. Revel announced on Friday it had secured $75 million in additional financing and was pursuing unspecified strategic alternatives. See stories in the Press of Atlantic City and the Star Ledger.