Atlantic City’s Smallest Casino Up For Sale Again
Atlantic City likes to do it big when it comes to casino gambling, and that may be why it has been so difficult for owners of the Atlantic City Hilton Casino Resort to compete. After a long line of owners, the casino is once again up for sale.
Chief Executive Officer Nicholas Ribis may get the first crack at buying the property. Ribis is no stranger to the AC gaming industry, and if he believes that the Hilton can succeed, he may become a possible suitor.
New Nugget Gaming is the company that has been created by Ribis, and the company has already a petition with the New Jersey Casino Control Commission to purchase the Hilton. The petition was in preparation of Ribis obtaining a gaming license in the state.
The Hilton has had many names over the years, including Bally’s Grand and the Golden Nugget. The former owners of the facility have sold the casino for various reasons, but in each case, the casino survived when the owners did not.
The Atlantic City casino industry has been in shambles for several years. The economic recession started the struggles, and Pennsylvania casinos have made it difficult for AC casinos to recover. Pennsylvania has become one of the top gaming destinations on the East Coast.
It is no slam dunk that the Hilton will be sold to Ribis. Other gaming companies have shown an interest in purchasing the Hilton, and some analysts are estimating the sale price to be around $75 million.