Deal to Sell Closed AC Casino Falls Through
A third attempt by the owners of the closed Atlantic Club casino in Atlantic City has fallen through as developers could not meet a timeline needed for the acquisition by Stockton University.
The university wanted to buy the property and include it in its neighboring Atlantic City complex, but wanted the casino tower razed while keeping the land and the casino’s parking garage.
TJM Properties of St. Petersburg, Florida, which owns the casino said the deal has been called off. No purchase price was ever disclosed.
“Stockton University negotiated a very good deal to purchase the property, but the university needed far more time then we were willing to provide to them without any assurances,” Terence McCarthy, TJM’s president told the Associated Press. “Our organization feels that Stockton University will bring great economic development to Atlantic City, and therefore offered them a deal unlike any other, which unfortunately did not and will not happen moving forward.”
The Atlantic Club closed on Jan. 13, 2014. It was jointly bought by Tropicana Entertainment and Caesars Entertainment, with Caesars maintaining control of the buildings and property.
Caesars then sold it to TJM for $13.5 million, with a deed restriction stating it could not be used as a casino. TJM officials told the AP that it is in talks with Caesars to try to have the deed restriction removed, which could make the property more marketable as Atlantic City’s economy improves.