New York Firm Interested in Buying Shuttered Atlantic Club Casino
One of these times when a report surfaces that Atlantic City's former Atlantic Club Casino has found a buyer, it will actually come to fruition. Could this be that time?
The Press of Atlantic City is reporting that a New York-based real estate company is in negotiations to buy the shuttered casino.
Advanced Consulting Inc. is talking with Florida-based property owner TJM to purchase the building and turn it into a non-gambling hotel and resort, according to Advanced Consulting company CEO Gem Lake.
“Work is being done, and we’re in heavy negotiations,” Lake told The Press of Atlantic City by phone Wednesday.
Over the past five years, a number of companies have expressed interest in the Atlantic Club, including Stockton University, but all have stepped away from a deal.
The property opened in 1980 as the original Golden Nugget in Atlantic City. Seven years later, Steve Wynn sold the facility to Bally's and it was renamed Bally's Grand Hotel and Casino. In the mid 90s, Hilton Hotels acquired Bally's and the property became the Atlantic City Hilton. By 2011, the property became known as ACH Casino when Hilton Hotels ended a licensing agreement with Colony Capital. In February, 2012, the casino's name changed -- again -- to The Atlantic Club Casino Hotel with a strong effort on attracting local gamblers. The Atlantic Club closed in early 2014. Since then, the high-rise has sat dormant.
SOURCE: The Press of Atlantic City