A new potential buyer of the shuttered Atlantic Club has emerged
A New York-based real estate consulting firm has entered negotiations to buy the shuttered Atlantic Club Casino Hotel in Atlantic City, local news outlet the Press of Atlantic City reported on Wednesday citing information by the company itself.
Advanced Consulting Inc. has been talking with the closed property’s owner, TJM Properties of St. Petersburg, Florida, to acquire its buildings and convert it into a non-gambling resort, Gem Lake, CEO of the New York-based real estate firm, said on Wednesday.
The Atlantic Club closed doors in January 2014 to become the first of four Boardwalk casino properties to go bust that year. It was then purchased by Tropicana Entertainment and Caesars Entertainment, with the latter assuming control of the property and its buildings. Caesars sold the former casino resort to TJM for the total amount of $13.5 million. The transaction also included a deed restriction that aimed to prevent the Atlantic Club to be used as a casino in future.
The Advanced Consulting CEO told the Press of Atlantic City on Wednesday that “work is being done, and [they are] in heavy negotiations.”
This is TJM’s fourth attempt to sell the closed property after three previous deals fell through before they closed.
Failed Negotiations
Following the purchase of the Atlantic Club, TJM found itself in a bit of an odyssey of sale negotiations and unsuccessful sale attempts. Late in 2014, Pennsylvania-based company Endeavor Property Group penned a deal to buy the former hotel and casino resort but that deal fell through within less than a year.
In April 2017, investor Ronald Young, too, inked a deal to buy the former Atlantic Club, pitching plans to convert the property into a family-friendly hotel and entertainment resort with an indoor water park as an anchor attraction. However, that deal, too, could not be finalized and the unfortunate property was once again sent back on the market.
In August, Stockton University announced plans to buy the Atlantic Club as part of its strategy to expand its campus in Atlantic City. The university said that it was interested in the former casino’s nine-level parking garage and the land, and that it would demolish the casino and hotel buildings.
A sale was not meant to be, though. TJM President Terrence McCarthy said in September that while Stockton University had negotiated a very good deal, it had asked for far more time than his company was willing to offer. The official also said back then that they were in talks with Caesars to have the property’s use restriction that prevented it from being used as a casino lifted. This way the Atlantic Club would be more marketable at a time when Atlantic City’s casino industry was clearly in a process of recovery, Mr. McCarthy further dwelt.
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