Undisclosed buyer

Shuttered Atlantic Club casino finds new owners

“I know that over the last couple of weeks, two different developers were interested in it, and we turned them over to the owner,” Mayor Don Guardian reportedly said.

United States 
| 11/10/2017

According to local media, the owners of the Atlantic Club Casino Hotel have found a buyer for the property that has remained closed since 2014.

Press of Atlantic City reported that Atlantic's Club current owner, Florida-based TJM Properties, said a contract has been signed and that they were waiting for the “hard money” before announcing the identity of the buyer.

Dale Schooley, director of acquisitions for TJM, confirmed the information but said he was not in the liberty to disclose the name of the company. Schooley added that several groups have shown interest in the property over the past months. 

TJM acquired the Atlantic Club from an affiliate of casino giant Caesars Entertainment Corp. in May 2014 for $13.5 million.

There have been two attempts to redevelop the closed casino and turn it into a water park. In January 2016, a first deal died after TJM Properties asked Pennsylvania firm Endeavor Property Group to close on the casino. Endeavor said it needed more time to secure financing. In April this year, another attempt also failed.

Meawhile, Mayor Don Guardian confirmed two different developers have expressed interest in the casino

“I know that over the last couple of weeks, two different developers were interested in it, and we turned them over to the owner,” Guardian was quoted as saying by Press of Atlantic City.

“Some people say if they buy the Atlantic Club, they might bulldoze it because they don’t feel/think it’s worth it,” Guardian said. “Everyone wants to save the garage; some people want to save the tower that was built. While others said it just needs some TLC.”

Yogonet.com

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