The Atlantic Club Casino in New Jersey Will Be Transformed Into A Hotel-Resort

July 15, 2021

Poker, Night, Sign, Cards, Play, FunTJM Properties has just announced the sale of the former Atlantic Club casino to Colosseo Atlantic City Inc. The establishment is therefore changing ownership since the transaction was recently finalized by both parties. According to the information gathered, the buyer decided to renovate the entire building in order to transform it into a hotel.

A new lease of life after four months of inactivity

Florida-based real estate firm TJM Properties sold the former Atlantic Club Casino Hotel to Colosseo Atlantic City Inc, a New York-based investment and construction firm. The place opened in 1980 and in three decades, many owners have succeeded. Among the interested companies, PokerStars which wanted to establish itself in the American online poker market. Due to lack of license, the process was unsuccessful, which led the operator to the sidelines. The Atlantic Club finally declared bankruptcy due to the decline in its value in the sector. Four months after its closure, TJM Properties bought it back for the sum of 13.5 million dollars, the major beneficiary of which was the Caesars group, the owner at the time. The various stages of the sale were carried out with the involvement of one of the development and operations managers of TJM Properties, Matt Bradley. According to the person concerned, everything is being done to find a serious buyer with the means to fully exploit the potential of the casino-resort. He concludes that Colosseo remains the best choice on the list given his experience in the field. On the corporate side, CEO Rocco Sebastiani said he was highly enthusiastic about restoring the Atlantic Club by creating a resort with no games available. He concludes that Colosseo remains the best choice on the list given his experience in the field. On the corporate side, CEO Rocco Sebastiani said he was highly enthusiastic about restoring the Atlantic Club by creating a resort with no games available. He concludes that Colosseo remains the best choice on the list given his experience in the field. On the corporate side, CEO Rocco Sebastiani said he was highly enthusiastic about restoring the Atlantic Club by creating a resort with no games available.

Playing Cards, Cards, King, PokerFollowing this major renovation, the building will be transformed into a hotel comprising at least 800 rooms and new retail spaces, restaurants and bars. Note that the deed of ownership restricts the Atlantic Club from operating as a casino. The director of Colosseo wants to give the establishment a completely different image. He says the purchase of the assets requires a lot of work and the most important thing will be to give a new identity to the place. Other representatives also find that this renovation will allow the area to rejuvenate and attract new visitors. Moreover, the location of the Atlantic City remains favorable for the economy of the city and the surrounding region. What rejoices the main officials concerned by this affair.

Read more...