The Atlantic Club Casino Hotel may soon be in the hands of unlikely new owners – Stockton University. By the 8th of August the Stockton University Board of Trustees could already have voted to purchase the boarded-up casino property that closed its doors in 2014. The property was then sold in the same year to TJM for $13.5 million.
A literal stone’s throw away from the Atlantic City campus of Stockton University, the property that former Atlantic Club Casino stands on accommodates 50,000m2 of office space, 550,000m2 of parking space and a 23-floor hotel tower. There are valid plans for the demolition of the tower should the new owners wish to start with a clean slate:
Certainly we are growing. There is no more room to expand in Galloway, and so we need to keep our options open, and we see Atlantic City as very promising. It’s part of our commitment to help revitalize the city.
Diane D’Amico – spokesperson for Stockton University
After selling Seaview Resort to a Florida based company for over $21 million, Stockton University has money to burn. Their spokesperson reiterated just how much they were willing to spend, along with exactly what their money would buy them.
A SECOND CHANCE FOR THE ATLANTIC CLUB
If it goes through, the sale could signal the start of a new for one of the most storied treasures properties after one of the most dramatic periods in casino history. The demise of the Atlantic Club added the exclamation point on what was intense period.
Starting life in 1980 as the very first Golden Nugget Hotel & Casino, it has since become known as the project that first propelled now-disgraced casino mogul Steve Wynn into the limelight.
The Atlantic Club epitomized the idiom of dynamite coming in small packaging – by 1983 this rather “cozy” establishment was consistently ranked among Atlantic City’s top grossing casinos. 4 years later Steve Wynn sold it to Bally’s $440 million.
After the deal with Bally’s, the property changed hands and names like the days of the week, with each new owner trying their level best to pull the casino from deep within the red. And failing.
The final nail in its coffin came while under the ownership of Resorts when the doors closed on the 13th of January 2014. Caesars soon bought it for a knockdown price and flipped it to TJM for a quick profit. Since then the property has been empty. There have been a number of attempts to revitalize the property and convert it into a non-gaming venue, with mention even being made of indoor waterpark at one time.
ATLANTIC CITY – ON THE COMEBACK
There seems to be a definite sense of optimism surrounding the Stockton deal, Atlantic City, NJ online casinos, NJ sports betting and gaming as a whole. And for good reason – over a single weekend two of the biggest names in gaming, Hard Rock and Ocean Resort – launched their Atlantic City offerings in refurbished hotels on the Boardwalk. So that leaves only the Atlantic Club and Trump Plaza remain stuck in the dark past.