Atlantic Club in Atlantic City finally found a new owner

We all know how the Atlantic Club’s history has been intense since 2014. In essence, the current property owner, TJM, has tried to offload the former Casino and hotel 4 times before today. However, none of the interested party has followed on its planning.

But, today we learn that TJM finally found a buyer. Although, according to popular speculations. There is no plan to continue to offer any casino games or gambling activities of any sorts on the premises. Well, at least that’s what the new owner is telling the associated press nowadays.

From closing to opening Atlantic Club in Atlantic City finally found a new owner

To recap, the Atlantic Club closed its doors due to dwindling visitors in Atlantic City (AC) in January 2014. And the first company who wanted to take over the property was Endeavor Property Group. Back then the company planned to convert the Atlantic Club into senior citizen and multi-unit housing. But we all know that that didn’t happen.

Then we had a group of AC investor who wanted to convert the old Atlantic Club to a family-friendly hotel and indoor water park in 2017. Sadly, months down the line, the funding staggered alongside the interest. Then Stockton University had great plans to add the Atlantic Club to its campus in 2018. But that didn’t happen either.

Today we’re learning that TJM finally sold the club to a New York construction and investment company, Colosseo. And for an undisclosed price too.

Going against the stream

According to sources, the new owner will not seek a online casino license because of the deed restriction attached to the building and site. So instead, the Atlantic Club will be a non-gambling hotel with 800 rooms. But we all know how quickly things change in AC. So getting a casino license might be off for now but maybe not forever.