Dec. 18–A bankruptcy auction for the Atlantic Club Casino Hotel has extended into a second day after hours of bidding on Tuesday failed to produce a satisfactory buyer.
Meanwhile UNITE HERE Local 54, the casino’s largest union, has filed an objection to the sale, asserting that any buyer should be required to take on the union’s collective bargaining agreement. Local 54 represents 750 of the casino’s estimated 1,600 employees.
“God only knows what’s going to happen,” Local 54 President Bob McDevitt said.
Atlantic Club, owned by Resorts International Holdings, has proposed a sale free and clear of all liabilities, including the union contract.
The second day of bidding began at 10 a.m. Wednesday at a North Jersey law office. As of 2 p.m., groups of attorneys were still behind closed doors. The auction is not open to the public.
Earlier this year, online gaming giant PokerStars had offered to purchase the property for $15 million, a record low in the Atlantic City market. Atlantic Club later walked away from the deal. A judge ruled that the casino could do so while pocketing $11 million PokerStars had already paid toward the purchase price of the property.
