One may think that casinos are thriving businesses today due to the millions of players that they have on a monthly basis. However, this is not true as some casinos are bringing in fewer people and with fewer people this might mean low revenue. In addition, due to the tough economic times, some people might be more frugal as to how much money they spend in casinos, which might also result in less revenue than before.
A casino, located in Atlantic City, New Jersey, recently filed for a Chapter 11 bankruptcy, as reported by NBC Philadelphia in a November 8, 2013 article. The judge assigned to the case has ruled that the casino can continue with its business â€œwhile seeking a buyer.â€Â Therefore, since the casino is functioning it must â€œcontinue to pay employees and key vendors, pay taxes and insurance, and maintain player loyalty programs while still in bankruptcy court.â€ So far the casino has not received any purchase offers, and it will start accepting them in about two weeks. In addition,Â if the casino is able to find a buyer quickly, then the casino is hoping toÂ execute the sale before the beginning of the year. It also wants the closing of the sale to be finalized as soon as possible, and it is hoping to do so no later than the beginning of March 2014. This is not the first casino in Atlantic City that has filed for bankruptcy as there have been numerous casinos in the area within the past few years which have filed for bankruptcy.
Jayson Lutzky is Bronx, NY attorney who handles personal bankruptcy cases. If you are in a pile of debt, you are behind in your mortgage payments or you need legal advice, then set up a free in person initial consultation with Mr. Lutzky who can help explain your rights. Call 718-514-6619 to set up an appointment or visit www.MyNewYorkCityLawyer.com for more information.