Atlantic Club was not the first casino to go bankrupt. Atlantis too, closed under bankruptcy issues and were denied a license by NJCCC

Playboy Casino

"While Hugh Hefner and his bunnies are still alive and well, the casino bearing the same name as his magazine, Playboy Casino, is no longer. The Playboy faced many obstacles even before its opening in Atlantic City. Facing monetary concerns and needing $135 million in financing, Playboy Casino took on the Elsinore Corporation as a partner. The casino was issued a temporary permit by the Casino Control Commission (CCC) on April 4, 1981 and the cocktail bunnies opened the casino doors for business on April 14, 1981. While the casino showed a profit for the summer, they were still in need of a permanent license. The CCC questioned Playboy and Elsinore’s “suitability” for licensing. In the end, the CCC granted a permanent license to Elsinore and denied one to Playboy due to concerns about Playboy’s London casino operations. As a result, Playboy sold its shares to Elsinore."

Atlantis Casino

"After having bought out Playboy, Elsinore Corporation took off the casino’s bunny ears and replaced Playboy’s famous logo with a seashell. After it closed, Playboy Casino was renamed the Atlantis Casino and opened in the summer of 1984, but did not fare much better than its predecessor, nor that of its namesake — the lost island of Atlantis. Just one year later, the Atlantis filed for bankruptcy. In 1989, following a previous hearing that denied the Atlantis a new license, the CCC ordered the Atlantis to shut down stating it was “no more able to conduct itself in a businesslike manner than it was at the casino license hearing,” making it A.C.’s first casino to go out of business."