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Publisher Sells Two Atlantic City Parcels

ATLANTIC CITY, NJ-The 25-year saga of adult magazine publisher Bob Guccione's effort to cash in on this casino craze will apparently end quietly, with with the sale of two choice tracts forced by lender Kennedy Funding.

By Eric Peterson | Updated on June 15, 2001

ATLANTIC CITY, NJ-Penthouse magazine publisher Bob Guccione was an early entrant in the casino wars here, buying two separate pieces of land back in the mid-1970s, on which he intended to build casino/hotel properties. On one of them, he even got the steel up–but that’s as far as he ever got.

The steel is now gone, long since torn down, and Guccione is now apparently out of the Atlantic City picture. In debt to his lenders and facing a sheriff’s sale forced by one of them, Kennedy Funding, based in Hackensack, NJ, Guccione has cut a deal to sell the two parcels. Guccione had defaulted on a $14 million loan from Kennedy, setting up the latest scenario. His total indebtedness to Kennedy Funding is said to be in the $28 million range.

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