It has been revealed that the Resort Atlantic City casino, New Jersey's first ever casino, is in serious financial trouble with lender Column Financial recently filing a foreclosure petition which could ultimately see Column Financial take control of the property and the casino operation. The casino’s main lender has asked the state Casino control commission to approve the foreclosure request and try to unravel a very difficult situation.
While it is sad for many to see New Jersey's first ever casino in such trouble this is most definitely a reflection of the current trading climate were financial issues are becoming ever more serious. Resort Atlantic City casino is not the only casino company on the verge of bankruptcy but the fact the company has not made a loan repayment since October has caught many by surprise. Cash flow is king in an industry were literally millions of dollars can plough through the casino floor in any 24-hour period, but retaining these substantial funds and using them to fund the business is proving ever more difficult.
Recently we have seen a number of lenders step forward after a period of contemplation regarding the future of many of their casino clients. As a result casino companies have been very much pushed into the limelight at a time when attendance numbers are falling and many are having difficulty reducing their cost base.
It has been revealed that the Resort Atlantic City casino, New Jersey's first ever casino, is in serious financial trouble with lender Column Financial recently filing a foreclosure petition which could ultimately see Column Financial take control of the property and the casino operation. The casino’s main lender has asked the state Casino control commission to approve the foreclosure request and try to unravel a very difficult situation.