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.