New Round of Atlantic Club Sale Reports Emerges

Another Atlantic City Boardwalk property May Have found a new owner after New York hedge fund Luxor Capital Group agreed to Purchase Ocean Resort Casino, the former Revel, from Colorado businessman Bruce Deifik

A notice of settlement for the sale of the shuttered Atlantic Club Casino Hotel has been filed together with Atlantic County, however the land ’s current owner denies a transaction is to take place, The Press of Atlantic City reported Saturday.

Notices of compensation are generally filed when details regarding the sale of a property are finalized. The Atlantic Club note was filed on January 15 and recorded the closed hotel and casino hotel ’s current owner — Florida-based TJM Properties — as the vendor and Jeffrey Smolinsky as the buyer on behalf of North American cinema.

As stated by its LinkedIn profile, North American Acquisitions is a Philadelphia-based investment management company which specializes in the sale of “privately owned companies […] with revenues between $1 million and $100 billion. ” Mr. Smolinsky is recorded as a Senior Partner in the firm.

Regardless of the notice of settlement filing, the Atlantic Club’s current owner told The Press of Atlantic City that there was no active contract. A spokesperson for TJM further explained that the company has spoken with Mr. Smolinsky “a couple of times” but hasn’t heard of him for months now.

The notice of settlement does not list a buy price for your closed Boardwalk casino resort. As mentioned earlier, news regarding the Atlantic Club possibly being marketed emerge just shortly following Bruce Deifik confirmed that he was selling Ocean Resort Casino to Luxor Capital Group just a year after he obtained what had formerly operated as Revel.

The property was renamed on many occasions during its 34 years of surgeries until it had been shuttered in January 2014 to become the first of an unfortunate series of Boardwalk closures which saw four more properties close doors in the following two and a half of years.

Caesars Entertainment Corp. and Tropicana Entertainment purchased the property before its closed, together with Caesars assuming ownership of the former hotel and casino. The Las Vegas casino giant sold the resort to TJM Properties in May 2014.

The Florida-based programmer was on the brink of selling the unlucky property on many occasions but all talks eventually dropped through each moment.

Most recently, New York property firm Advanced Consulting Inc. revealed late last year that it wanted to purchase the Atlantic Club and turn it to some non-gambling hotel resort. Back in August 2018, Stockton University announced plans to purchase the shuttered Boardwalk property as part of its Atlantic City growth . The college opened last fall its new beachfront campus in the popular resort destination.

Stockton officials said that they were interested in a nine-level garage and the property inhabited by the Atlantic Club and that they would demolish the house . But that deal failed, too. Previous negotiations about the sale of the shuttered resort included its purchase with a development team that needed to redevelop it into a family destination resort with a water park.

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