Atlantic Club Finds New Owner
The Atlantic Club Casino Hotel was sold to a New York City-based investment and construction company for an unspecified amount of money, reported the New Jersey newspaper The Press of Atlantic City on Tuesday.
Head of Development and Operations for TJM Matt Bradley confirmed Tuesday that Colosseo Atlantic City Inc. acquired the venue, saying that “we have made every effort to find a buyer who could realize the potential of the Atlantic Club Casino Hotel.”
“We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job,” Bradley stated.
The new owner has revealed intentions to manage an 800-room hotel. A deed restriction imposed on the property prevents it from operating as a casino.
Previously, several companies were on the verge of purchasing the Atlantic Club, including Pennsylvania-based Endeavor Property Group, which had to withdraw due to insufficient funding.
The shuttered casino resort was the first of four New Jersey casinos to close in 2014, followed by Revel, Trump Plaza, and Showboat.