“The acquisition of the Atlantic Club Casino Hotel will secure up to 2,000 jobs and maintain the economic benefits the casino brings to New Jersey,” said the casino’s chief operating officer Michael Frawley and the Rational Group said in a joint statement.
The company has already filed papers with the New Jersey Division of Gaming Enforcement seeking regulatory approval to purchase the casino. The Division of Gaming Enforcement has up to 90 days to conduct its investigation and file a report with the Casino Control Commission. The commission then has up to 30 days to conduct a hearing and make a final decision on the sale.
In 2012, Atlantic Club’s gambling revenue fell 11 percent to $127.2 million