Former Atlantic Club Casino Sold to NYC-based Investment Firm
The former Atlantic Club Casino in Atlantic City has been sold to a New York City-based investment and construction firm.
According to a press release, TJM Properties has sold the shuttered gaming hall and hotel to Colosseo Atlantic City Inc. A purchase price was not announced.
The release stated,
"We have made every effort to find a buyer who could realize the potential of The Atlantic Club Casino Hotel," says Matt Bradley, one of the heads of development and operations for TJM who handled the sale. "We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job."
Said Colosseo's principal, Rocco Sebastiani, "We are looking forward to working in Atlantic City, and restoring such a great property."
The 800-room hotel, which was the original Golden Nugget Hotel & Casino in Atlantic City, was built in 1980. In 1987, it was sold to Bally Manufacturing and the name changed to Bally's Grand Hotel and Casino. Less than 10 years later, the Hilton Hotels Corp. acquired Ballys Entertainment and the property became the Atlantic City Hilton. In 2011, the building briefly became the ACH Casino Resort and then in 2012, it was rebranded again as The Atlantic Club Casino Hotel. On January 13, 2014, The Atlantic Club closed and it was purchased by TJM several months later. Despite a number of rumors of new owners over the years, the building has sat vacant since, except for its current use as a set for a zombie movie.