TJM's Atlantic Club Casino Hotel sold to a New York firm

Florida real estate company TJM Properties said Tuesday it sold Atlantic City’s former Atlantic Club Casino Hotel to Colosseo Atlantic City Inc., a New York investment and construction firm. The purchase price for the Boardwalk property, which has been shuttered since January 2014 by Caesars Entertainment, and subsequently acquired by TJM, was not revealed.

"We have made every effort to find a buyer who could realize the potential of The Atlantic Club Casino Hotel," said Matt Bradley, one of the heads of development and operations for TJM who handled the sale. "We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job."

Colosseo's President Rocco Sebastiani commented: "We are looking forward to working in Atlantic City, and restoring such a great property." He said he plans to run the building as a non-gambling hotel, according to the Associated Press.

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 shut down that year. It was jointly bought by Tropicana Entertainment and Caesars Entertainment, with Caesars maintaining control of the buildings and property. Caesars then sold it to TJM for $13.5 million, and the property has sat vacant ever since.

TJM owns and operates another iconic Boardwalk property, The Claridge Hotel, a historic 500-room property attached to Bally's Casino. TJM also owns three other prominent hotels in the Northeast, under the Radisson and Crowne Plaza flags, in Philadelphia, Columbus and Syracuse. The same firm owns several properties throughout Florida, including the Oaks of Clearwater in downtown Clearwater and the historic Princess Martha in downtown St Petersburg.