Atlantic Club to Be Acquired by a Real Estate Company

atlantic-club-casino-gamingAlthough the previous year was not the most successful one for the New Jersey gambling industry, state authorities succeeded in dealing with the situation somehow and market analysts are hopeful that 2015 will be a better one.

As far as the matters with the shuttered Atlantic Club Casino Hotel are concerned, it seems like it will have a new owner pretty soon as a Pennsylvania real estate company is going to buy the venue.

It has been a year since Atlantic Club closed doors for players because, just like the other closed casinos, could not manage to resist the financial crisis.

Up to now, the owner of Atlantic Club Casino Hotel was TJM Properties Inc. but the venue is going to be managed by Endeavor Property Group LLC.

TJM Properties was not in charge of the property for far loo long, though. It was purchased from the struggling Caesars Entertainment Corp. less than a year ago for the sum of $13.5 million.

The venue was among the smaller casinos in Atlantic City but its closure left more than 1,500 people unemployed.

The price Endeavor is supposed to pay in order to acquire the property has not been announced yet. Both sides were reluctant to comment on the acquisition and the agreement signed a few days before 2015. As soon as the sale closes and the paperwork is ready, the price will be announced.

It is common knowledge that the new owners of the shuttered casinos in Atlantic City are not permitted to reopen them as gambling faculties. That is why Endeavor officials have proposed the hotel tower of the closed casino to be turned into a residential complex.

According to a prominent market analyst, Atlantic Club has all chances of becoming a thriving residential area that would be accessible and affordable to senior residents. Plus, the venue can serve as an excellent place for summer accommodation.

As soon as it became clear what the intentions of Endeavor are, Israel Posner, the Executive Director of Stockton’s Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism, said that he had always known that Atlantic Club was excellent for such a purpose and the senior housing, proposed by the new owner is actually a wonderful approach towards utilizing the former casino hotel. He also added that people who stay there will be enabled to visit the Tropicana Casino and Resort and enjoy the services it offers.

What is more, the gambling facilities that used to be available in Atlantic Club were purchased by Tropicana upon its closure for the sum of $8.4 million.

Nevertheless, it seems like Atlantic Club will be another venue to be transformed into a functional building after its bankruptcy.

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