ATLANTIC CITY, N.J. (AP) -- Will the fourth time be the
charm for Atlantic City's former Atlantic Club?
Florida real estate company TJM Properties said Tuesday it
sold the former hotel casino to Colosseo Atlantic City, a New York investment
and construction firm. The purchase price for the Boardwalk property, which has
been shuttered since January 2014, was not revealed.
Colosseo president Rocco Sebastiani said he plans to open a
"We're going to renovate the property and reopen it as
an 800-room hotel with new retail and new food and beverage offerings," he
told the Associated Press.
Sebastiani said he was drawn to "the challenge" of
turning around the historic property.
"It's got a lot of renovating that needs to be done;
that's what we do," he said. "We buy assets that need a lot of work
and bring them up to market."
The company does not have, nor does it plan to seek, a
casino license. A deed restriction preventing it from being used as a casino
remains in place.
TJM has been trying for years without success to sell the
property -- and make the deal stick. Three previous sales have fallen through.
In December 2014, Pennsylvania firm Endeavor Property Group
inked a deal to buy the Atlantic Club. The company specializes in senior
citizen and multiunit housing. But the deal fell through within a year.
In April 2017, a local investment group led by investor
Ronald Young signed a deal to buy it, announcing plans for a family-friendly
hotel, anchored by an indoor water park. But when financing dried up, so too
did the water park plan, and the Atlantic Club went back on the market.
In September 2018, a deal that would have seen Stockton
University buy the building as part of its Atlantic City campus also died.
The Atlantic Club formerly did business as Steve Wynn's
Golden Nugget before a series of ownership changes.
It closed on Jan. 13, 2014, the first of four Atlantic City
casinos to go bust that year. It was jointly bought by Tropicana Entertainment
and Caesars Entertainment, with Caesars maintaining control of the buildings
Caesars then sold it to TJM for $13.5 million, and the
property has sat vacant ever since.