Shuttered Atlantic City Casino Loses 3rd Buyer
For the former Atlantic Club casino in Atlantic City, the third time was unfortunately not the charm. The casino’s third prospective buyer backed out on Thursday. After several months of talks, Stockton University decided not to include the property in its upcoming Atlantic City campus.
Stockton had planned to knock down the casino and hotel, using only the old Atlantic Club parking garage and the land where the casino structure sits. Stockton agreed to purchase the property in August, but the purchase price was never made public.
The deal was declared officially off by TMJ Properties of St. Petersburg, Florida. TJM president Terence McCarthy said the decision to terminate the deal had more to do with timing than price. McCarthy said the University “negotiated a very good deal,” but needed longer to complete the deal than TJM was willing to wait.
Harvey Kesselman, president of Stockton University, released a statement about the failed deal for the Atlantic Club. Kesselman said he met with the university board and came to the conclusion that the deal cannot proceed. He said the university is still committed to building a campus in Atlantic City.
The Atlantic Club has been shuttered since January 2014. Its closure was the first of four casino closures that would come later that year. The first prospective buyer, Endeavour Property Group, signed a purchase deal but it fell through before the end of 2014.
Last year, investor Ronald Young inked a second deal to purchase the property with plans to open a family-friendly hotel and indoor water park. Young’s financing fell through before the deal closed.