AC Casino Seeks Bankruptcy Protection

By Wayne Parry
|  Thursday, Nov 7, 2013  |  Updated 1:27 PM EDT
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AC Casino Seeks Bankruptcy Protection

AP

The Atlantic Club Casino Hotel in Atlantic City N.J., shown here on April 16, 2013, announced on May 1, 2013 that a deal for it to be sold to the parent company of the PokerStars online gambling web site has fallen through. The casino says it will remain open and look for other online gambling options. (AP Photo/Wayne Parry)

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Another Atlantic City casino has filed for bankruptcy protection.

The Atlantic Club Casino Hotel says it will remain open as it seeks a buyer in bankruptcy court.

It filed for Chapter 11 bankruptcy protection late Wednesday.

Formerly known as the Atlantic City Hilton, the casino has struggled in the city's cutthroat casino market. A deal to sell it to the world's largest poker website fell through earlier this year.

Atlantic Club COO Michael Frawley says the casino's strategy of offering low-priced gambling, food and entertainment has been working, but the market has not rebounded as fast as he hoped.

It joins Revel, the Tropicana and the Trump casinos among those who have sought bankruptcy protection in recent years.

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