Atlantic City Casino Back On Market After Deal Falls Apart
Atlantic Club Won't Be Converted Into Indoor Water Park
The casino in Atlantic City once called the Atlantic Club is back on the market.
According to the Associated Press, Endeavor Property Group, the Pennsylvania company that was planning to turn the shuttered casino into an indoor water park with no gambling, won’t be buying the property. The deal fell through on Monday.
The current owner of the casino, TJM Properties, bought it from Caesars last year for just $13.5 million. The Atlantic Club closed in January 2014.
Opening in 1980 as the Golden Nugget, the Atlantic Club later went through several owners and re-brandings. In 2005, hedge fund Colony Capital bought the property for around $500 million.
Colony Capital was at one point prepared to sell it to PokerStars for $15 million, however the deal collapsed in the spring of 2013. The casino eventually went bankrupt, resulting in the property’s assets being bought by Caesars and Tropicana Entertainment. Those two companies quickly gutted the casino.
PokerStars finally received New Jersey approval for online gaming late last year, and it’s currently partnered with Resorts Casino Hotel for the activity.
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