Investment Group Closing in on Atlantic City Casino

Written by:
Aaron Goldstein
Published on:
Aug/29/2013
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

Business/Financial News

Pay Per Heads Let You Move Your Own Betting Lines

“Full-service” is often times an overused term in business. While it is easy to find companies that make a habit of over-promising and under-delivering on the goods or services they sell, it is the rare company that does the exact opposite.

Bitcoin Surges Above $106,000 on Strategic Reserve Hopes

Bitcoin surged to a record high above $106,000 in early Asian trade on Monday, boosted by comments from President-elect Donald Trump that suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve.

Syndicate

Subscribe to Syndicate
More