Friday, November 28, 2014
Inquirer Daily News

Philadelphia investors kicked the Atlantic Club's tires

Philadelphia-area investors were among those who looked at the Atlantic Club's financials last summer, while investment bankers were trying to sell the beleaguered Atlantic City casino, which will be closed next month under a deal approved Monday in bankruptcy court.

Philadelphia investors kicked the Atlantic Club's tires

Philadelphia-area investors were among those who looked at the Atlantic Club's financials last summer, while investment bankers were trying to sell the beleaguered Atlantic City casino, which will be closed next month under a deal approved Monday in bankruptcy court.

Six representatives of Lubert-Adler, a real estate investment firm in the Cira Centre, had access to the books at different times between July 10 and Sept. 20, according to a log filed with the Atlantic Club's statement of financial affairs this month. Ira Lubert is already an investor in two Pennsylvania casinos and part the group that wants to build a casino at 8th and Market Streets in Center City.

An entity called Boardwalk Boston Holdings L.L.C., presumably named for the intersection in Atlantic City where the Atlantic Club is located, was formed by Atlantic City lawyer George K. Miller on July 12. Representatives of that group, including at least two from the Keating Cos., Daniel Keating III's collection of development-related firms, had access to the financials as recently as Nov. 20.

The Flynn Co., a real estate firm, and Versa Capital, which specializes in distressed investments, also took a look. Kevin Flynn Sr., of the Flynn Co., and George Walker helped develop Harrah's Philadelphia in Chester. Each still owns 0.25 percent of the casino.

None of these entities were among the qualified bidders at last week's Atlantic Club auction.

Harold Brubaker Inquirer Staff Writer
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Reporter Jennifer Lin follows the competition among the six contenders for Philadelphia’s second gaming license.

Harold Brubaker Inquirer Staff Writer
Jennifer Lin Inquirer Staff Writer
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