One of the formerly most popular hotel casinos on Atlantic City’s Boardwalk is not feeling any love. The Atlantic Club has been closed since January 2014 after increased competition in the area left it with no financial future and, since then, has been looking for a new owner. Several possibilities have risen over the years, only to have each one dry up. The latest deal seemed to be a sure bet until the possible suitor pulled out last month.
According to reports that surfaced last month, North American Acquisitions (NAA) had shown interest in the property and had even entered into negotiations with its current owner, Florida-based TJM Properties. TJM initially denied the reports, with the company’s senior partner, Jeffrey Smolinsky, only acknowledged that casual discussions had been held, but NAA officially cancelled a previously submitted notice of settlement on February 19.
Before the casino closed in 2014, it was purchased by Caesars Entertainment in conjunction with Tropicana Entertainment. Caesars took control of the operations and sold them to TJM five months after the closure and TJM has been trying to unload it ever since.
In 2017, TJM thought it found a buyer, but that deal apparently fell through. Last year, there were two separate entities looking at the property—Stockton University and Advanced Consulting, Inc.—but those deals also dried up.
Even before all of those, a development group had emerged as a potential suitor, hoping to renovate and convert the property into a family-friendly resort that over an indoor water park and other attractions. However, only a few short months after it was announced, the group backed out.
Atlantic Club is one of five casinos on the Atlantic City Boardwalk that has been forced to close due to increased competition in the area. However, most properties have been able to move forward to find new masters and get back into the action. At this point TJM must be getting more than a little anxious to get the property off of its books, so now’s the chance to make a low-ball offer and pick up a casino for pennies on the dollar.