Florida real estate firm TJM Properties will remain the owner of the shuttered Atlantic Club after the latest of a flurry of failed sale deals
Another sale deal for the shuttered Atlantic Club Casino Hotel in Atlantic City has fallen through, local news outlet The Press of Atlantic City reported on Tuesday.
Reports emerged last month that a notice of settlement for the sale of the closed hotel and casino property was filed with Atlantic County. According to the filing, Philadelphia-based investment management firm North American Acquisitions was the buyer of the Boardwalk resort.
A spokesperson for the Atlantic Club’s current owner, Florida-based real estate company TJM Properties, denied the sale reports back then. He told The Press of Atlantic City last month that TJM had spoken with Jeffrey Smolinsky, a Senior Partner at North American Acquisitions, a handful of times but had not heard from him in a few weeks.
Apparently, the owner of the shuttered casino canceled on February 19 the previously submitted notice of settlement that denoted the pending sale of the property. TJM did not respond to requests for comment on the latest developments surrounding the former hotel and casino resort.
The Atlantic Club closed in January 2014 after more than three decades of operations. The property was the first of five Boardwalk hotel and casino resorts to close doors over a two and a half years as a result from growing competition in the region and the city’s weakened economy in the post-Great Recession era.
Another Failed Sale Deal of Many
Caesars Entertainment Corp. and Tropicana Entertainment had purchased the Atlantic Club shortly before it was shuttered. Caesars assumed control over the property to sell it to TJM Properties five months after its closure.
The Florida real estate firm has attempted to sell the unfortunate hotel and casino resort several times over the past five years, but with little success. Reports emerged late last year that New York real estate company Advanced Consulting Inc. was interested in buying the Atlantic Club and reopen it as a non-gambling hotel and entertainment resort.
Earlier in 2018, Stockton University unveiled plans to buy the closed property and use its nine-level garage and the surrounding land for its Atlantic City expansion purposes. Stockton officials said that they would demolish the resort’s building to clear the site. However, a transaction never occurred.
A development group had, too, expressed interest in the Atlantic Club a few years back. It had intended to renovate and transform the former hotel and casino complex into a family-friendly destination resort with an indoor water park and numerous other attractions. Those plans had died two just a couple of months after their original unveiling.
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