The property where the Atlantic Club Casino Hotel used to operate may soon be sold, after nearly five years since it closed.
The Press of Atlantic City reported that New York-based real estate firm Advanced Consulting Inc. was looking to buy the property, which will then be made into a hotel and resort, without gambling.
Advanced Consulting CEO Gem Lake was quoted as saying, “Work is being done, and we’re in heavy negotiations.”
The casino hotel first opened in 1980, and back then was known as the Golden Nugget. Among the personalities who held shows in its opera house were Frank Sinatra, Dean Martin, and Sammy Davis, Jr. With the increase of competition within Atlantic City, and later on, in other U.S. states, the property underwent several changes in ownership. It was renamed the Atlantic Club in 2012, and sold in 2014 to Caesars Entertainment, which soon after sold it to TJM Properties, the current owner.
In August, it was reported that Stockton University was purchasing the property, with the university board of trustees approving the deal on the condition that TJM demolish the existing building, leaving only the nine-story parking facility next to it. Last month, however, it was announced that the transaction would not push through, with the university requesting more time to close the deal but without providing guarantees for this, according to TJM.
The Atlantic Club’s 2014 closure, the first among several casinos in the area, was a sign of things to come for the city. Citing resorts’ gross gaming revenue (GGR) declining 7.5% per year from 2006 to 2014, the New Jersey government stepped in, with the Municipal Stabilization and Recovery Act (MSRA) of 2016 putting many city government functions in the hands of then-governor Chris Christie’s office.
Last September, the state government released a report indicating it was to hold its authority over Atlantic City for another three years. Governor Phil Murphy, who campaigned on a promise to shorten the state’s rehabilitation plan, reasoned that the state had to continue tackling challenges facing the city, such as unemployment and housing.