Atlantic Club Sold to Florida Development Company

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Barely four months after it was closed down due to bankruptcy involving two larger rivals, Atlantic Club has found a buyer and been sold. TJM Properties Inc., a Florida development firm, purchased the casino hotel for $13.5 million, adding it to their real estate portfolio that also has another Atlantic City landmark, the old Claridge Hotel. Owned by Terence J McCarthy TJM bought the bankrupt club that is located in Atlantic City’s struggling gambling market.

The Atlantic Club was one of the smallest and most financially troubled casino hotels in Atlantic City, and it was declared bankrupt and shut down on January 13, 2017. Following that, their largest rivals Caesars and Tropicana had no interest in operating the club, rendering its 1,600 employees jobless. TJM Properties Inc., of Clearwater, Florida, agreed to buy the Atlantic Club property from an affiliate of casino giant Caesars Entertainment Corp. in May, but terms of the deal were not disclosed then. This month, TJM finally purchased the casino hotel, adding an additional $715,000 for adjacent property and inheriting leases with the city for beachfront property. Caesars Entertainment took possession of the property and buildings for $15 million, while fellow casino company Tropicana Entertainment Inc. bought the Atlantic Club’s slot machines and table games for $8.4 million. Since they had no plans of reopening a casino there, Caesars sold to TJM.

Atlantic Club Sold to Florida Development Company

According to TJM, they would like to reopen the Atlantic Club, but not as a gambling property, even though they don’t yet have specific plans. They will start making the plans once they are done with their renovations of the old Claridge Hotel this summer, turning it into a luxury boutique hotel this summer. TJM acquired the Claridge from Caesars Entertainment in February and it reopened as a 500-room non-casino hotel over Memorial Day weekend. Right now, they are working on finishing touches of the hotel. TJM now controls two major landmarks overlooking the Boardwalk. TJM also owns 10 hotels in the Tampa Bay, Florida, area.

According to Israel Posner, a casino analyst at The Richard Stockton College of New Jersey, the Atlantic Club will most likely be turned into a condo-hotel catering to retirees that are attracted to the sea shore, although the possibilities are limitless. It is located at a relatively remote location at the southern tip of the Boardwalk casino zone, and this might be an obstacle for its rebirth. It is detached from the hustle and bustle in the heavily developed middle part of the Boardwalk.

The Atlantic Club was first opened in 1980 as the Golden Nugget, an upscale casino owned by Las Vegas gambling mogul Steve Wynn. It went through several other owners before finally falling into the hands of Colony Capital, a California-based real estate investment firm. Losses mounted as they tried to rebrand the casino. PokerStars, the world’s largest poker website, had planned to use the Atlantic Club as a base for its Internet gambling operations. The bargain basement purchase of the club at a proposed $15 million did not fall through and hence the bankruptcy.

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