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Shuttered Atlantic City Casino That Nine Years Ago Fetched $500 Million, Sells Now For $13.5 Million

Atlantic Club Sold To TJM Properties: Associated Press


The Atlantic Club Casino Hotel, closed as of January, fetched $13.5 million from a Florida real-estate firm. TJM Properties acquired from the property and intends to use it as a non-gaming facility, the Associated Press reported Wednesday.

The property was sold late last month, but the price was undisclosed at the time, the report said.

TJM Properties also purchased the former Claridge Hotel Casino in February for $12.5 million. That property will also not have any casino gambling going forward.

Opening in 1980 as the Golden Nugget, the Atlantic Club subsequently went through several owners and re-brandings. In 2005, hedge fund Colony Capital bought the property for around $500 million. Atlantic City gaming revenue has slumped since 2006

Colony Capital was at one point prepared to sell it to PokerStars for $15 million, however the deal collapsed. PokerStars was looking to gain re-entry into the U.S. via New Jersey.

Bankruptcy in November of last year eventually resulted in the property’s assets being bought by Caesars and Tropicana Entertainment, which quickly gutted the carpet joint.



almost 8 years ago