It is my understanding Playboy was never granted a permanent license in A.C. ... so in effect it never had one to be revoked.

According to the excellent Atlantic City Casino History paper by club member Steve Piccolo... published in the 2001 Edition of Black's Catalog and on Chequers.com magazine website... you can read the details about this ill-fated Playboy Casino which was operated by Elsinore Corporation .... along with the now defunct Atlantis Casino Hotel.