Shuttered Atlantic Club Casino Hotel is Falling Apart
Posted on: January 18, 2018, 02:00h.
Last updated on: January 18, 2018, 01:52h.
The former Atlantic Club Casino Hotel is reportedly raining debris onto Pacific Avenue in Atlantic City.
January 13 marked four years since the Boardwalk resort closed its doors, and the aging building is, well, really starting to show its age. Reports surfaced this week that debris from the building’s exterior are crumbling off and falling to the ground below.
Last September, the ceiling of the Atlantic Club’s porte-cochere collapsed.
Atlantic City Director Dale Finch, who oversees the Office of Licensing and Inspection, confirmed that he was aware of the issue and it was being addressed. “I spoke with the owners,” Finch told the Press of Atlantic City. “They’re going to see what exactly is occurring, and I will follow up with an inspector.”
TJM Properties, a Florida-based real estate firm that specializes in hotels and senior living facilities, acquired the closed Atlantic Club from Caesars Entertainment in 2014 for just $13.5 million. Opened in 1980 by Steve Wynn as the Golden Nugget, the resort hosted numerous celebrities in its heyday including Rat Packers Frank Sinatra, Sammy Davis Jr., and Dean Martin.
Going to Pieces
TJM Properties is no stranger to Atlantic City, as the company also purchased the 500-room Claridge Hotel in 2014 from Caesars and renovated the historic Boardwalk property. But TJM isn’t a casino operator, and hasn’t been so willing to invest in trying to reopen the Atlantic Club.
Last April, a reported deal that would have turned the Atlantic Club into a family entertainment center and waterpark fell through. TJM said the deal with a New Jersey development group was canned after the buyer failed to secure the appropriate financing.
However, in October, TJM hinted that the shuttered resort was once again nearing a sale, but to date, nothing has been confirmed.
Richard Perniciaro, Atlantic Cape Community College Dean of Facilities, Planning, and Research, said last year that owners of closed casinos must weigh the cost of property upkeep with a potential sale price and future use. Is the likely buyer going to be interested in renovating the remaining structure, or more likely to tear it down?
In the case of the Atlantic Club, its condition might hint that TJM believes the land underneath it is what will eventually attract a qualified buyer.
Buyer’s Market
Atlantic City’s seven remaining casinos saw total gaming revenues climb more than seven percent last year. 2017 marked the town’s second consecutive year of gaming growth following nine years of declines.
The stabilization has incited new investments. Hard Rock was the first to bite, announcing last March that it was acquiring and renovating the former Trump Taj Mahal into a rock ‘n’ roll-themed resort at a cost of more than $500 million.
Revel came next, with the closed $2.4 billion resort recently unloaded to Colorado developer Bruce Deifik at a cost of $200 million. Both the Hard Rock and Revel, the latter which will be renamed Ocean Resort Casino, plan to open this summer.
The Atlantic Club, the southernmost Boardwalk casino, presumably didn’t garner much interest from the aforementioned buyers. The closest casino resort currently in operation is the Tropicana, nearly three-tenths of a mile north up Pacific Avenue.
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Last Comment ( 1 )
I had the pleasure of working at the Atlantic Club Casino for a period of around 18 years. Of course the first name was Bally's Grand. With the different name changes it was hard to keep up. I was in the Security Department for all those years. Always a new adventure.\ It was bittersweet for the closing. When they closed down in January of 14 I also retired. They did me a big favor as I'm now retired in sunny Florida. It was a pleasure working there with my co workers & management & also other departments. A special thanks to Capt. Ed Dixon from day shift, (am still looking for your umbrella) Grave Shift Johnny Meuse who watched out for me & was a terrific manager. My hero on swing shift, Capt. Diane (tough as nails ) Joraskie who always watched out for me & when I screwed up, let me know but always backed me up with encouragement. I could always count on her at my back. Thanks for the overtime as I'm now in the pool all day in sunny Florida. My sincere thanks to the rest of the security department management of all shifts for having the pleasure of working with them & for them being courteous, friendly & very professional. A special thanks to my former Director of Security John Zelewinskie who was understanding when I had a incident with the security car. As carful as I am, I sure now how to screw up. J Z is a very understanding & terrific person. Rover Car Al