Press of Atlantic City – An investment group that combines Asian and American financing with one of Europe’s leading Internet gambling companies is close to buying an Atlantic City casino, the executive overseeing the negotiations says.
The group, however, refuses to divulge any information about the casino other than to say it is on the Boardwalk. Nine casinos are located on the Boardwalk. Three more casinos are located in the city’s Marina District.
London-based Internet company 2UP Gaming and MidOil USA say they have lined up $330 million in funding to buy and refurbish the casino. Asian financial backers are also involved in the project, said Vince Crandon, managing director of New York-based MidOil, an investment firm partnered with 2UP Gaming.
Crandon disclosed in July 2UP’s plans to buy an Atlantic City casino. At that time, he said his group was in talks with multiple casinos about a sale. Now, he says, 2UP is zeroing in on a final agreement. The Asian backers are traveling to the United States to complete the deal, he said.
“We’ve agreed on the price and other conditions. I just need to get a final agreement done,” Crandon told The Press of Atlantic City.
Crandon would not divulge the purchase price. However, he said the group has $330 million “in the bank” to buy the property, rebrand it and make extensive renovations.
In July, Crandon said he hoped to wrap up negotiations by the end of August and make an announcement by Labor Day. He now says he is unsure of the timing of the announcement because of the intricacies of negotiating the final terms and securing visas for the Asian investors, whom he declined to name.
“It will be as soon as a definitive agreement is made,” he said.
Previously, Crandon said 2UP and MidOil would move ahead with plans to build a new casino if they failed to buy an existing one by Labor Day. He now says the group is so close to a final agreement that it has shelved the backup plan for developing a new casino.
“Building is off the table,” Crandon said. “It’s absolutely an acquisition of an existing property.”
