More Players are Gambling on Atlantic City's Claridge Casino Hotel

ATLANTIC CITY-Troubled property has some of the industry's biggest companies chasing after it.

By Eric Peterson | Updated on October 11, 2000

ATLANTIC CITY-It’s the little casino no one seemed to want, but the Claridge, the smallest casino in this Jersey Shore gaming resort, has become one hot property. The Claridge is currently in the hands of bondholders and ownership decisions rest with a bankruptcy court in Camden, NJ.

Park Place Entertainment, which owns Caesar’s, Bally’s and the Hilton in Atlantic City, is the leading contender for the property. But adding to the list of suitors, the NJ Casino Control Commission has agreed to allow the owners of the nearby Sands Hotel & Casino, along with a group of current Claridge bondholders, to comment on the economic impact of a sale to Park Place, and very likely to make an offer of their own.

The Sands, incidentally, was itself acquired by billionaire Carl Icahn recently.

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