ATLANTIC CITY — The real estate company that has owned the former Atlantic Club Casino Hotel for the past five years said it has sold the property to a New York City-based investment and construction firm.
TJM Properties of Florida said Tuesday it sold the shuttered casino-hotel to Colosseo Atlantic City Inc. A spokesperson for TJM said the sale was completed last week.
“We have made every effort to find a buyer who could realize the potential of the Atlantic Club Casino Hotel,” said Matt Bradley, one of the heads of development and operations for TJM who handled the sale. “We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job.”
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No sale price was provided. A deed transfer has not yet been recorded with the Atlantic County Clerk’s Office.
“We are looking forward to working in Atlantic City and restoring such a great property,” Colosseo’s principal, Rocco Sebastiani, said in a statement.
A deed restriction preventing the property from operating as a casino remains in place.
Sebastiani told The Associated Press he plans to operate the building as a noncasino hotel.
“We’re going to renovate the property and reopen it as an 800-room hotel with new retail and new food and beverage offerings,” he said.
Sebastiani said he was drawn to “the challenge” of turning around the historic property.
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“It’s got a lot of renovating that needs to be done; that’s what we do,” he said. “We buy assets that need a lot of work and bring them up to market.”
The Atlantic Club closed in January 2014 and was purchased four months later by TJM for $13.5 million from an affiliate of Caesars Entertainment Corp. TJM has come close to selling the property on several occasions.
“This is great news for our city,” said Council President Marty Small Sr. “The Atlantic Club has been rumored to be sold for a long time, now it’s a reality. This is another indication of investor confidence, which is a great outlook on the future of our city.”
Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University, said reopening the former Atlantic Club would “rejuvenate” the area of the Boardwalk near the university’s city campus.
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“If the property is marketed to a predefined segment, it’s going to be very successful,” Pandit said. “Its location is amazing. ... So this end of the Boardwalk would certainly benefit from that.”
In 2017, a Ventnor development group wanted to buy the casino and turn it into a water park, but the plan died.
Another deal collapsed a year prior when Pennsylvania-based Endeavor Property Group could not secure funding to buy the property.
Stockton was in talks to purchase the Atlantic Club, as well. The school was interested in the nine-level parking garage but wanted the casino and hotel property demolished. The deal fell through in September 2018.
Most recently, in March, TJM canceled a notice to sell the shuttered property to Philadelphia-based Jeffrey Smolinsky of North American Acquisitions, Atlantic County real estate records show.
TJM still owns Atlantic City’s Claridge Hotel. The 89-year-old property was purchased from Caesars Entertainment in 2014 for $12.5 million.
The Associated Press contributed to this report.