That it will not proceed with its efforts to buy the Claridge Hotel and Casino.
Rival casino company Park Place Entertainment has already been approved by the New Jersey Casino Control Commission, after submitting an all cash bid for $83 million for the property. GB Holdings, Inc., had submitted a stock-based bid for $85.8 million.
The Claridge Hotel and Casino has been operating under Chapter 11 Bankruptcy protection since 1999.
Park Place Entertainment owns three other Atlantic City properties including Caesars Palace, Bally's which is home to the Wild West Casino and Coyote Kate's Slot Parlor and the Atlantic City Hilton.