Amid growing debt and downgraded credit ratings Caesars Entertainment ($CZR) continued to streamline its portfolio, and work towards erasing some of its 10-figure debt this week by selling the dormant Atlantic Club Casino in Atlantic City, where the company already owns four active casino properties.
Caesars purchased the Atlantic Club roughly six months ago in a bankruptcy auction, and when all was said and done they seem to have made out pretty good in the deal.
After joining forces with the Tropicana to facilitate the sale, Caesars was able to add the Atlantic Club to its sizable, and seemingly ever-growing list of assets (to go along with a sizable and ever-growing list of debts) in a bankruptcy fire sale that occurred December of 2013 for the price of $23.4 million.
The Tropicana and Caesars picked the property clean of any reusable assets (the Tropicana took all of the gaming equipment while Caesars was left with anything usable from the hotel side of the operation, as well as the property itself, and then promptly closed the hotel/casino, essentially eliminating one competitor from the already saturated AC gaming market.
