Provided/Atlantic Club
ATLANTIC CITY – TJM Properties has sold the Atlantic Club Casino Hotel to Colosseo Atlantic City Inc., a New York City-based investment and construction firm. Terms of the sale were not disclosed in the release about the sale.
Atlantic Club, which is one of two Atlantic City properties owned by TJM, is the former Golden Nugget Hotel Casino built by Steve Wynn. The 800-room hotel has been closed for more than five years and changed hands several times since Caesar’s closed it in 2014. TJM purchased it for $13.5 million with the intention of selling it.
“We have made every effort to find a buyer who could realize the potential of The Atlantic Club Casino Hotel,” head of TJM Development and Operations Matt Bradley said in a statement. “We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job.”
Colosseo owner Rocco Sebastiani said the company was looking forward to restoring the property. According to news reports, Colosseo plans to operate the hotel.
“We’re going to renovate the property and reopen it as an 800-room hotel with new retail and new food and beverage offerings,” Sebastiani told the Associated Press.
He said he has no plans to apply for a casino license. The deed to the property is encumbered with a restriction on gambling.
Several previous sales of the building fell through. Stockton University was the most recent interested purchaser, but the deal was never consummated. Stockton planned to raze the building to expand its new Atlantic City campus, which is located just two blocks away.
TJM owns and operates the historic 500-room Claridge Hotel attached to Bally’s Casino.
