The Atlantic Club Casino Hotel filed for chapter 11 protection yesterday, a move that is part of a plan to put its Atlantic City gambling business up for auction, Dow Jones Daily Bankruptcy Review reported today. California buyout firm Colony Capital LLC is the latest in a long string of owners of the casino, which is suffering along with the rest of the Atlantic City Boardwalk casinos from increased gambling competition in neighboring states. Papers filed in the U.S. Bankruptcy Court in Camden, N.J., estimate the Atlantic Club's debts at $10 million to $50 million, with an unknown amount of pension liabilities topping the list.
