Atlantic City’s Former Atlantic Club Casino Has Another Potential Buyer
The former Atlantic Club casino in Atlantic City has another potential buyer as a New York-based real estate firm is negotiating for the property.
Advanced Consulting Inc. is in negotiations to purchase the closed casino site with owner Florida-based TJM to purchase the building, according to the firm’s CEO Gem Lake.
“Work is being done, and we’re in heavy negotiations,” Lake told the Press of Atlantic City.
TJM has had several suitors for the property, which closed as a casino in 2014. Most recently it was being sought by Stockton University, which just opened a satellite $176 million Atlantic City facility neighboring the site.
However, those negotiations broke down after TJM was unwilling to wait for a school mandated 60-day due diligence period, presumably because of Advanced Consulting’s interest in the property.