The Atlantic Cub Casino Hotel sale falls through

In New Jersey, the deal that was to have observed Stockton University purchase the 20-acre website that was formerly home to The Atlantic Club Casino Hotel has reportedly fallen through without a desired purchase price ever being disclosed.

Discussions prove unsuccessful:

According to a Thursday report from the Associated Press news service published by The News and Observer paper, the regional public institution had hoped to purchase the prior Atlantic City casino before transforming a number of its buildings into a city-center campus. Last month purportedly saw its board of trustees agree to enter into discussions with the land ’s current owner, TJM Properties Incorporated, but these talks have proved unsuccessful.

The failure reportedly represents the third time in as many years the Florida property investment company has failed to eliminate this 23-story shuttered venue. It was purportedly purchase by Caesars Entertainment Corporation instantly after its closure in January of 2014 before TJM Properties Incorporated paid approximately $13.5 million for the website, which contains a parking garage along with eleven acres of beachfront property, some four weeks later.

Clearwater-headquartered TJM Properties Incorporated had allegedly first attempted to offload The Atlantic Club Casino Hotel to Pennsylvanian elderly multi-unit housing company Endeavor Property Group in late-2014 only for its agreement to collapse through within a year. This was purportedly unsuccessfully followed last year by an arrangement that could have observed a local investment group fronted by businessman Ronald Young get the site and change it in to a family-friendly hotel comprising an indoor water park.

A matter of time:

In detailing the most recent failure, Terence McCarthy, President for TJM Properties Incorporated, allegedly announced his company had ‘negotiated an excellent bargain ’ with Stockton University but the college needed ‘needed far longer then we were willing to provide to it without any assurances. ’

McCarthy’s statement reportedly read…

“Our firm believes that Stockton University will deliver great economic growth to Atlantic City and therefore offered it a deal unlike every other, which sadly did not and will not occur moving forward. ”

University remains ‘committed to Atlantic City’:

For his role, Harvey Kesselman, President for Stockton University, allegedly proclaimed he appreciated ‘all the time and hard work that has gone into this effort’ and that his company remains ‘committed to Atlantic City and expanding our presence . ’

Kesselman’s statement reportedly read…

“That is our future and we will continue to try to make the very best investments we could there. ”