The ACH may get the axe pretty soon.
Atlantic City’s smallest casino and resort, ACH, is struggling to find a buyer, and analysts tell the Press of Atlantic City that the casino’s doors may not stay open much longer.
Last month the casino lost its licensing deal with the popular Hilton brand. After losing their Hilton license, the resort rebranded itself simply as the ACH, but much of the old Hilton signage remains.
Foreclosure proceedings were put on hold in January after the owners agreed to sell the property, but it seems that nobody’s willing to pay up to own Atlantic City’s worst-performing casino.
“It can survive for a time, but not for a long time,” industry analyst Andrew Zarnett told the Press.
The Press of Atlantic City reports that ACH saw an $18.9 million operating loss last year, and was already $7.3 million in the hole in the first quarter of 2011.
It’s unclear how much the casino could be sold for, but the most recent casino transaction cost the Golden Nugget $38 million to acquire the Trump Marina Hotel Casino.
