Reports suggest Atlantic Club Casino Hotel is close to finding a buyer

  • Undisclosed buyer is reported to be close to finalising a deal
  • Casino has been permanently closed since January 2014 despite a number of near-deals

In January 2014, the Atlantic Club Casino Hotel – formerly known as Golden Nugget, Atlantic City Hilton and ACH – and located in Atlantic City, closed its doors and has remained closed ever since.

Atlantic City
Is Atlantic City about to see a new owner for the Atlantic Club casino?

However, according to reports from the Press of Atlantic City the casino’s current owners are now on the verge of finding a buyer – although they have yet to name who this might be.

Atlantic Club Closure

Caesars Entertainment purchased the property in December 2013, while Tropicana Entertainment reportedly acquired all the gaming assets in a joint bankruptcy purchase for $23.4 million combined.

Some five months later in 2014, Florida based TJM Properties purchased the site for a reported $13.5 million – TJM had previously purchased and reopened the former Claridge Casino Hotel in Atlantic City.

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The plan was to initially reopen the club solely as a hotel with no gaming activities on site. In April this year, a deal by a local development group to buy the closed casino and redevelop it as a water park and family resort fell through.

A possible rebirth?

On the possible new buyer, TJM Properties director of acquisition Dale Schooley is reported as saying his company were waiting for ‘hard money’ but believes that what is required could be presented as early as this week.

Although no names have been given, Atlantic City Mayor, Don Guardian has reportedly alleged that he has spoken wth two developers and sent them to the TJM Properties after expressing an interest in the resort.

This is not the first time the casino has found itself on the verge of reopening. In 2016 Endeavor Property Group – a Pennsylvania-based business – was reported to be close to a deal but, having requested more time to secure financing it eventually ended up not occurring.

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