New Owner of Atlantic Club Casino Moving Ahead with the Reopening Project
Just a short time ago, we reported that the Atlantic Club Casino Hotel had a new owner. Colosseo Atlantic City Inc., a company based in New York, purchased the property last month from TJM Properties. The sale price remains a mystery. Now, it seems plans to reopen the property are moving forward as the owner has now hired a real estate broker and marketing manager.
According to Colosseo, they have hired Joshua Garay, the owner and operator of Garay Real Estate, based in New York and New Jersey. In a statement, Colosseo said that they hired the firm and they have already begun the process of negotiating partnerships as well as joint ventures, leases and other items related to property.
President of Colosseo Rocco Sebastiani stated that the company values the honesty, experience and reliability of their new partner. They believe the community of Atlantic City will be able to benefit from the partnership. Apparently, Mr. Garay has already created a framework to connect with the community and provide alternative ways that sections of the resort can be used.
Mr. Garay called the Atlantic Club ‘one of the finest properties on the south end of Atlantic City’ and stated the city deserves a winner, which is what Colosseo will bring to the market.
New Property Plans
The Atlantic Club Casino has been shutdown since January 2014. The property was one of four that closed that year and created a hole in the Atlantic City gambling market. The former owner, TJM Properties, obtained the property around four months after it shut down. Caesars Entertainment Corp. sold the venue for $13.5 million.
TJM tried to sell the Atlantic Club several times but was unable to offload the property. For Colosseo, the company plans to renovate the facility and operate it as a non-gambling entity. The deed of the property prevents the former casino from operating as a gambling facility. Once the property is restored, it will be home to 800 guest rooms as well as dining options.
Once the venue is up and running, guests of Atlantic City will have an option for hotel stays on the south end of the Boardwalk. It is expected that the renovation process will take some time as the property has been closed for several years. Colosseo specializes in construction and overhauls, so they should have no difficulty completing the work.
It will be interesting to see in time, if the company decides to try and fight the deed restriction regarding no casino gaming. It seems the main focus is getting the property operational, offering guest space for overnight stays and dining options.
If the casino were to offer gaming once again, it would join an already loaded market. With the addition of Hard Rock and Ocean Casino last year, the market grew significantly. Many gaming analysts feel that any more additions would create oversaturation in the local market.