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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

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