The proprietor of the previous Atlantic Membership On line casino Lodge on the southern finish of the Boardwalk stated the state of the dilapidated resort was worse than anticipated. The home has been vacant because it closed in January 2014.
Within the fall of 2019, Florida-based actual property developer TJM Properties agreed to promote the Atlantic Membership to Colosseo Improvement Group. TJM acquired the unique on line casino from Caesars Leisure in Might 2014 for simply $13.5 million.
Caesars by no means really ran the Atlantic Membership, however purchased the bankrupt on line casino from Tropicana Leisure for about $23.4 million. Tropicana acquired the on line casino’s bodily slot machines, desk video games and participant database, whereas Caesars managed the bodily construction and sq. footage of the constructing.
Tropicana paid many of the $23.4 million primarily to the Atlantic Membership’s participant database. Earlier than closing, the Atlantic Membership was a locally-oriented on line casino together with his advertising slogan, “On line casino for the remainder of us.”
Liquidation worth for Atlantic Membership, beforehand operated as a gaming resort underneath a number of different manufacturers, together with Golden Nugget, Bally’s Grand, The Grand and Atlantic Metropolis Hilton, introduced after Caesars decided Atlantic Metropolis was oversaturated it was accomplished.
Caesars determined to promote the property. He believed that fewer casinos in Atlantic Metropolis would enable the corporate’s extra well-known resorts within the metropolis, significantly Caesars and Harrah’s, to thrive.
After closing the Atlantic Membership, Caesars closed Showboat On line casino in August 2014. Stage and Trump Plaza adopted in September. Trump Taj Mahal closed his fifth Atlantic Metropolis on line casino in October 2016 when the slot fully shut down his machines.
AC again on
It has been over 9 years because the Atlantic Membership closed. Financial issues stay in New Jersey’s on line casino city, however Colosseo believes the time is lastly ripe to breathe new life into the previous Atlantic Membership.
Colosseo, a New York Metropolis-based residential and business actual property developer led by Rocco Sebastiani.
An organization official stated shortly after buying the closed on line casino, Colosseum Improvement will renovate the property and reopen the resort as an 800-room non-gaming resort. Sebastiani stated the construction was worse than anticipated.
There have been plans to modernize the furnishings and fixtures. However once we received there the system did not work. It was actually dangerous.” Sebastian stated ENR New York Development information supply this week.
Not solely did the constructing’s façade fall into the promenade and road under, Sebastiani stated, the inside had been severely broken by flooding and years of neglect.
Because of this, the Colosseum has made vital repairs and enhancements to deliver the constructing as much as code and prepared for a serious renovation.
Atlantic Membership Future
The Colosseum is getting ready to remodel the Atlantic Membership into a posh that Sebastian known as a “condotel”. The corporate plans to remodel his two towers of actual property right into a luxurious boutique resort and a luxurious residential condominium complicated.
The 23-story South Tower has over 130 condos starting from 1,800 to three,000 sq. toes. The North Tower will likely be a 330-room resort. Most condos function his 360 diploma panoramic views of Atlantic Metropolis and the Atlantic Ocean.
“Rising up in Florida impressed me. If you are going to go to the ocean, why cannot you come over and look out the window?” Sebastian requested.
