Former Hilton Casino in Atlantic City gets a support
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The ACH Casino review and Resort in Atlantic City was thrown a lifeline last week to allow it to carry on operating despite considerable losses in recent years. The owners of ACH proposed a new plan this week to spend $25 million in reinstatement to save the US casino from a foreclosure sale.
ACH’s parent company Colony Capital L.L.C. agreed to allow lenders to foreclose on its Bally’s Tunica and Resorts Tunica casinos in Mississippi as an alternative, giving the ACH a new lease on life.
The casino list– also one of the smallest in Atlantic City — has struggle to compete with larger and newer casinos in both Atlantic City as well as in adjacent states such as Pennsylvania, which continue to siphon more and more betting dollars from Atlantic City casinos.
ACH reported $12.1 million in total gambling revenue in October, down 11% percent from a year ago. In July 2009 the casino default on its mortgage and foreclosure proceedings began. Lenders led by the U.S. National Bank Association put the events on hold in January 2011 after attainment accord with Colony Capital to sell the property but no possible buyers showed any interest.
Hilton Hotels ended a license accord that satisfactory the casino to use the Hilton name earlier in the year, leaving it to rebrand itself as ACH Casino and resort.
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