Investment Group Closing in on Atlantic City Casino
The Press of Atlantic City is reporting that an investment group is on the verge of purchasing a casino on the boardwalk but will not yet name the property.
From the Press of Atlantic City:
London-based Internet company 2UP Gaming and MidOil USA say they have lined up $330 million in funding to buy and refurbish the casino. Asian financial backers are also involved in the project, said Vince Crandon, managing director of New York-based MidOil, an investment firm partnered with 2UP Gaming.
“We’ve agreed on the price and other conditions. I just need to get a final agreement done,” Crandon told The Press of Atlantic City.
Crandon's company had earlier hinted at possibly constructing a new casino.
“Building is off the table,” Crandon said. “It’s absolutely an acquisition of an existing property.”
Earlier in the year a deal for PokerStars parent company, The Rational Group, to purchase the Atlantic Club Casino fell through.
- Aaron Goldstein, Gambling911.com
