ATLANTIC CITY -
The Atlantic Club Casino Hotel announced Thursday that it has filed voluntary petitions for Chapter 11 protection in the United States Bankruptcy Court for the District of New Jersey.
The Atlantic Club is seeking Chapter 11 Bankruptcy protection to facilitate an expedited sale while the property continues to operate in the ordinary course of business.
"We believe in our property's positioning and the value-centric niche we committed to nearly 18 months ago. Our creative branding campaign and the tremendous efforts of our employees have resulted in property growth within a continually challenged market. Unfortunately, the market has taken longer to rebound than we had hoped," stated Michael Frawley, COO of The Atlantic Club Casino Hotel.
The Atlantic Club's casino, hotel and restaurants will remain open and will operate on normal schedules.
"We have ample funding to carry us through this process, and anticipate a seamless transition for our employees and guests. It will be business as usual at the Atlantic Club," Frawley added.
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