The shuttered Atlantic Club Casino Hotel has found a buyer as Florida real estate and hotel management firm TJM Properties offloads the entity to New York City-based investment and construction organisation Colosseo Atlantic City INC.
One to two TJM-owned properties on the Atlantic City boardwalk, alongside The Claridge Hotel, a 500-room property attached to Bally’s Casino, the 800-room hotel was closed in 2014 by Caesars Entertainment, and subsequently purchased by TJM for in the region of $13.5m.
The property was initially owned and developed by Steve Wynn, the casino operator of establishments such as the Mirage and Bellagio in Las Vegas, under the Golden Nugget and Hotel and Casino moniker.
Since it has also become known as Bally’s Grand Hotel and Casino after the property was purchased by Bally Manufacturing, before being renamed Atlantic City Hilton and the organisation subsequently acquired Bally.
After ending licensing for the property seven years ago the Hilton name was dropped the entity became ACH Casino Resort, before a further rebranding and The Atlantic Club Casino Hotel name was added.
The property became the first of five casinos to close its doors during 2014-2016, followed by Showboat Casino, Revel, Trump Plaza and Trump Taj Mahal.
It was subsequently jointly bought by Tropicana Entertainment and Caesars Entertainment, with the latter maintaining control of the buildings and property before selling to TJM.
After several failed sales itself, Colosseo’s purchase has seen the firm stress to local media that it intends to reopen Atlantic Club as a non-gambling 800-room hotel with several retail, food and beverage outlets.
“We are looking forward to working in Atlantic City, and restoring such a great property,” stated Rocco Sebastiani, Colosseo’s principal.
TJM also owns three other hotels in the US’ Northeast, under the Radisson and Crowne Plaza flags, in Philadelphia, Columbus and Syracuse.
“We have made every effort to find a buyer who could realize the potential of The Atlantic Club Casino Hotel,” stressed 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.”
