New deal in the works for shuttered Atlantic City casino
When it closed on Jan. 13, 2014, the former Atlantic Club Casino Hotel was the first of four casinos in Atlantic City to do so, with Trump Taj Mahal Casino Resort being the most recent on Oct. 10, 2016.
TJM Properties of Florida, owners of the shuttered Atlantic Club Casino Hotel, reportedly said on Monday that they are nearing a deal with a buyer, according to the Press of Atlantic City.
TJM’s director of acquisitions, Dale Schooley, reportedly said that while he could not disclose the name of the company, they do have a contract with a group. Schooley said TJM is waiting for the “hard money” for the pending deal. On Monday, he said they expect the funds to come later this week.
Schooley also reportedly said, over the past few months various groups have shown interest in the property, which is located at the southern end of the boardwalk.
On Friday, Oct. 6, the mayor of Atlantic City, Don Guardian, said he had spoken with two developers who also expressed interest in the Atlantic Club property.
Guardian said, “I know that over the last couple of weeks, two different developers were interested in it, and we turned them over to the owner,” reports the Press of Atlantic City. He further stated that the future of the property has been the subject of much debate.
“Some people say if they buy the Atlantic Club, they might bulldoze it because they don’t feel/think it’s worth it,” said, Guardian. “Everyone wants to save the garage; some people want to save the tower that was built. While others said it just needs some TLC,” according to the news agency.
Back in April, a group of local investors, R&R Development Group, planned to turn the property into an indoor waterpark resort but the group was reportedly unable to show that financing was secured for the $135 million deal and it was scrapped. That wasn’t the first time an effort to convert the property into a family-friendly resort has been scuttled.
Plans for a $165 million investment were announced by Endeavor Property Group (Endeavor AC) in July 2015, as one of two new waterparks planned for the city. The deal had the backing of the Casino Reinvestment Development Authority (CRDA), but fell through in January 2016 when Endeavor reportedly said it needed additional time in order to secure financing.
In May 2014, the Atlantic Club was purchased by Clearwater, Florida-based TJM from a Caesars Entertainment Corp. affiliate for $13.5 million.