I must admit I am a little perplexed and disappointed by the description on this one.
I concede that it was unknown at the time Mike Heron acquired this many years ago through another auction of Doug's, but the power of the internet and unceasing research of our 'friends of the hobby' tells us everything we need to know nowadays.

In 1985, a licence application for the then vacant premises of 300 N Main Street was declined by NGB.
The application, for Paxton's Park Place, was made by Ralph Alan Paxton, a 20 year director of Ballys Park Place, Atlantic City.
[his obit is still available here] - http://www.legacy.com/obituaries/pressofatlanticcity/obituary.aspx?n=ralph-alan-paxton&pid=146066830
The few Burt Co manufactured chips known are what survived for this proposed operation.

A subsequent application for the "Park Casino" was approved, and the site was redeveloped with The Park opening in 1987.

Timeline for the property:
1977 - 1980 - Holiday International (Hotel & Casino)
1980 - 1987 - vacant
1987 - 1990 - Park (Hotel & Casino)
1990 - 1991 - Main Street Park (Hotel)
1991 - Main Street Station (Hotel & Casino)
.