Atlantic City Casino Hotel Files Assets and Liabilities
Earlier this week The Atlantic Club Casino Hotel, which is aiming to sell itself at a bankruptcy court auction, exposed its assets and liabilities in court. The casino listed assets, excluding real property, totaling $17.1 million and total liabilities of $16.8 million.The casino has listed the value of its property as “unknown”. It filed for Chapter 11 protection last month and could be put up for auction on December 17th with the sale completed by March.
The filing said that the casino has about $2.4 million in accounts receivable.
A statement of assets and liabilities usually accompanies the initial bankruptcy filing, but the casino received permission from the bankruptcy court to delay revealing them until this week.
The filing said the casino has about $2.4 million in accounts receivable. It filed a 660 page document which listed all its assets and liabilities. In it the casino listed 11 vehicles including a 1989 boom lift and a 2007 Kia truck. In total it has $618,973 worth of stock including food, drinks, tobacco, room supplies, linens, fuel oil and marketing materials.
The casino owes hundreds of thousands of dollars to slot machine manufactures including Bally Gaming ($722,654) and IGT Corp. ($453,453). Furthermore, the casino owes Atlantic City $2.25 million and Atlantic City Electric $435,897.