Atlantic Club Owner Says Condition of Former Atlantic City Casino Worse than Anticipated

The owners of the former Atlantic Ocean Club Casino Hotel on the in the south stop of the Boardwalk say the precondition of the rundown resort hotel was worse than expected. The prop has sat vacant since it closed in(p) inwards Jan of 2014.

In the light of 2019, TJM Properties, a existent estate development steadfast based inward Florida, agreed to sell the Atlantic Ocean Club to Colosseo Development Group. TJM acquired the former casino from Caesars Entertainment inwards May 2014 for just $13.5 million.

Caesars ne'er really operated the Atlantic Club but instead purchased the cassino out of failure with Tropicana Entertainment for nigh $23.4 million. Tropicana acquired the casino’s physical slot machines, tabularize games, and player database, spell Caesars took moderate of the building’s physical structure and acreage.

Tropicana paid the mass of the $23.4 million, primarily for the Atlantic Club’s player database. Before its closing, the Atlantic Club was a locals-oriented casino with the marketing slogan, “A casino for the eternal rest of us.”

Caesars’ liquidation toll for the Atlantic Ocean Club, which antecedently operated as a gaming resort hotel under several other brands — including the Golden Nugget, Bally’s Grand, The Grand, and Atlantic City Hilton — came after Caesars decided Atlantic Ocean City was oversaturated.

Caesars decided to sell the property. That’s because it believed fewer casinos inwards Atlantic Ocean City would reserve the company’s to a greater extent prominent resorts inward town, specifically Caesars and Harrah’s, to prosper.

After closing the Atlantic Club, Caesars shuttered its Showboat gambling casino inward Aug 2014. The Revel and Trump Plaza followed inward September. The Trump Taj Mahal pronounced the 5th Atlantic Ocean City casino for closing when it permanently powered pile its slot machines inward October 2016.

AC Back On

It’s been more than niner years since the Atlantic Ocean Club unsympathetic down. Despite lingering economical concerns inward New Jersey’s gambling casino town, Colosseo believes the clip is eventually ripe for producing new lifespan in the former Atlantic Club.

Colosseo, a residential and commercial message existent demesne developer based inwards New York City, is led by Rocco Sebastiani.

Company officials said soon after acquiring the shuttered casino that Colosseo Development would renovate the dimension and reopen the holiday resort as an 800-room nongaming hotel. Upon inspecting the property at 3400 Pacific Ocean Avenue, Sebastiani said the bodily structure was worse than anticipated.

We had the be after to go game in and modernise the furniture and the fixtures. But when we got inwards there, the systems didn’t work. It was really, really bad,” Sebastiani told ENR New York this week, a construction tidings source.

Sebastiani said non only when was the building’s frontal falling onto the Boardwalk and streets below, but the upcountry was severely damaged by water intrusion and years of neglect.

As a result, Colosseo has been making the necessary repairs and improvements to fetch the edifice upwardly to computer code and ready the attribute for a major renovation.

Atlantic Club Future

Colosseo is preparing to transform the Atlantic Club into a mixed-use composite that Sebastiani has dubbed a “condo-tel.” The society plans to transubstantiate the property’s two towers into a high-end dress shop hotel and a luxury residential condo complex.

The 23-story South Tower testament characteristic to a greater extent than 130 condos ranging from 1,800 to 3,000 lame feet. The Frederick North Tower testament be a 330-room hotel. Most condos will feature article 360-degree panoramic views of Atlantic Ocean City and the Atlantic Ocean Ocean.

“Growing upwards inwards Florida gave me inspiration. If you follow hither to move to the beach, why add up hither and non live able-bodied to look out the window?” Sebastiani asked.

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