The Atlantic Club Casino in Atlantic City, formerly the Golden Nugget, will be closing its doors for good on Jan. 13 after a ruling from a federal bankruptcy judge.
Since taking office, Gov. Chris Christie has been trying to revitalize Atlantic City by implementing an ambitious 5-year plan for the resort town in hopes of making it a vacation destination. When the calendar officially flips to 2014, Atlantic City with be in the final year of Christie's plan.
A slowdown brought on by the rapid proliferation of casino gambling in the northeastern United States claimed its first victim in New Jersey on Monday when a federal bankruptcy judge approved the sale and shutdown of Atlantic Club Casino Hotel in Atlantic City.
Year-over-year revenues at Atlantic City's 12 casinos spiked by 3.6 percent in October, but that's mainly due to the fact that Superstorm Sandy forced the casinos to shut down a year ago.
Revenues at the Borgata Hotel Casino & Spa increased by nearly 7 percent in the third quarter of this year as Atlantic City's top casino continued to increase its grip on the market while preparing for the launch of online gambling.
Atlantic City's top casino could be in line for a $48 million tax refund after beating the city in a tax court dispute over the gambling hall's true value.