Florida Company buys Atlantic Club Casino months after it was gutted

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Back in December, the iconic Atlantic Club Casino was sold for parts to Caesars Entertainment and Tropicana Entertainment. The two large companies collectively paid $23.4 million to acquire some of the Atlantic Club’s assets, such as slot machines, customer lists, gambling tables and hotel assets. However, they shut the actual casino and hotel down since neither company had any intention of running the facility.

That will change now, though, after a Florida company called TJM Properties purchased the closed resort this week. TJM paid an undisclosed amount of money for the 800-room hotel, and they will operate it as a non-gambling facility.

Still Hope in Atlantic City

Sherry Amos, a spokeswoman for TJM, sees plenty of potential in operating a non-gambling property in Atlantic City. “TJM is attracted to the Atlantic City market, and they believe that non-casino amenities have great value in the future of Atlantic City,” she said.

There’s no word yet on what the Atlantic Club will be named or when it will be up and running. It could be several years before the doors are open because TJM Properties also bought the former Claridge Hotel Casino from Bally’s Atlantic City. TJM plans on developing the restaurants and amenities at Claridge before they work on the old Atlantic Club.

Right Way to go

Given Atlantic City’s struggles in recent years, concentrating on non-gambling business may be the best way to go. Casino revenue has dropped from a peak of $5 billion in 2006 to $2.8 million in 2013. With this gradual decline, it was only a matter of time before at least one of the city’s 12 casinos closed, with the victim being the Atlantic Club.

TJM will now hope to succeed where the Atlantic Club failed by developing new restaurants and other attractions at the property.

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