The Briefing Room
General Category => Economy/Business => Topic started by: flowers on December 23, 2013, 07:26:33 pm
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http://www.cnsnews.com/news/article/judge-nj-approves-atlantic-club-casino-shutdown
CAMDEN, N.J. (AP) — A slowdown brought on by the rapid proliferation of casino gambling in the northeastern United States claimed its first victim in New Jersey on Monday when a federal bankruptcy judge approved the sale and shutdown of Atlantic City's Atlantic Club Casino Hotel.
The casino, which opened in 1980 as the Golden Nugget and featured then-owner Steve Wynn bringing fresh towels to Frank Sinatra in its commercials, will shut its doors Jan. 13.
Judge Gloria Burns approved a deal that was reached Friday. Two rival casino companies with a presence in Atlantic City, Tropicana Entertainment and Caesars Entertainment, will buy the casino for $23.4 million, essentially strip it for parts and shut it down. The Tropicana will take the slot machines and table games, while Caesars will get the 800-plus-room hotel.