ATLANTIC CITY - The Atlantic Club Casino Hotel will close Jan. 13, reducing the number of casinos in the struggling gambling resort to 11. It will be the resort's first casino to close since the Sands shut down in 2006 to make way for a new casino that never got built.
Two companies with casinos in Atlantic City, Tropicana Entertainment and Caesars Entertainment, will pay a combined $23.4 million for the business.
According to bankruptcy filings made Friday afternoon, Tropicana will take the slot machines and table games for $8.4 million, while Caesars will get the property and its more than 800 hotel rooms for $15 million.
A judge must approve the buyers at a hearing Monday.
"First and foremost, I would like to express my profound admiration and respect for the employees of this company," said Michael Frawley, chief operating officer of the Atlantic Club. He also cited as a big factor in the bankruptcy the "extremely challenging Atlantic City gaming market."
Frawley said the casino would operate normally until the closing date. There were 1,659 employees at the casino-hotel as of Nov. 13.
A Caesars spokesman could not immediately say what the company's plans for the property were. The gaming firm is to meet with New Jersey gambling regulators within three days to determine what approvals will be necessary to end gambling on the premises. The state Division of Gaming Enforcement declined to comment until after Monday's bankruptcy court hearing.