The current owners of the facility said that they’re close to reaching a deal to sell the casino.
US.- The owners of the Atlantic Club Casino Hotel in Atlantic City, which has been closed since January 2014, revealed on Monday that they’re close to reaching a deal with a buyer to sell the facility. Ever since the facility closed, other four followed that move in the casino hub from New Jersey.
Director of acquisitions for Florida-based TJM Properties, Dale Schooley, said that they have a contract with a group and that they’re waiting for the money to close the deal, which could be done this week. He wasn’t able to name the company at the time, but several groups have shown interest in the property over the last couple of months, Press of Atlantic City revealed.
Mayor Don Guardian said last week that he discussed the property with two interested developers. “I know that over the last couple of weeks, two different developers were interested in it, and we turned them over to the owner. Some people say if they buy the Atlantic Club, they might bulldoze it because they don’t feel/think it’s worth it,” Guardian said. “Everyone wants to save the garage; some people want to save the tower that was built. While others said it just needs some TLC,” he said.
TJM purchased the facility from an affiliate of Caesars Entertainment Corp in May 201 for US$13.5 million and hasn’t shown signs of life ever since. Atlantic Club is one of the two facilities that could reopen in 2018, the other being the former Trump Taj Mahal, which was acquired earlier this year by Hard Rock and has been under a complete revamp ever since.