Former Atlantic Membership On line casino in Atlantic Metropolis to Develop into Luxurious Condos
The Atlantic Membership On line casino Resort’s closing in January 2014 sparked a sequence response of resorts closing within the New Jersey beachfront gaming city. Three further Atlantic Metropolis casinos closed that very same 12 months — Showboat, Revel, and Trump Plaza — and the Trump Taj Mahal shuttered two years later in October 2016.
The Atlantic Membership On line casino Resort is seen shuttered on this 2019 {photograph}. The previous on line casino has sat vacant since early 2014, however its present proprietor desires to remodel the on line casino’s resort guestrooms into luxurious condominiums. (Picture: NJ Advance Media)
Nearly 9 years because the last friends exited the Boardwalk on line casino, a brand new future is rising for the Atlantic Membership.
NJ Advance Media reported at this time that the property’s present proprietor, Rocco Sebastiani and his New York actual property funding agency, Colosseo Improvement Group, Inc., desires to overtake the previous on line casino resort right into a luxurious condominium advanced. Specifics of the undertaking are to be revealed subsequent month, Sebastiani stated.
The present situation of the constructing’s inside is unknown. However the exterior has been cited for quite a few security violations lately.
Within the fall of 2017, the ceiling of the Atlantic Membership’s porte-cochere collapsed. And the next spring, sections of the resort’s exterior crumbled and fell to the Boardwalk under, jeopardizing pedestrian security and elevating alarms in regards to the construction’s total situation.
Atlantic Membership Previous
Envisioned and constructed by Steve Wynn, the Atlantic Membership opened in 1980 because the Golden Membership. It shortly grew to become a Rat Pack hangout, with Frank Sinatra, Dean Martin, and Sammy Davis Jr. among the many on line casino’s early regulars.
After Wynn grew uninterested in New Jersey politics and determined to exit the Atlantic Metropolis gaming scene, his Mirage Resorts bought the Atlantic Membership to Bally Manufacturing in 1987, and the on line casino was rebranded Bally’s Grand.
The on line casino was once more renamed in 1996, this time to Atlantic Metropolis Hilton, after Bally Manufacturing bought the resort to Hilton Motels. The property grew to become ACH On line casino Resort after Hilton terminated its licensing settlement with Colony Capital, which acquired Atlantic Metropolis Hilton in 2005 from Hilton Motels.
As enterprise slowed in Atlantic Metropolis as gaming expanded into quite a few states up and down the East Coast, the on line casino fell on troublesome occasions. In 2012, the on line casino was rebranded as soon as extra to Atlantic Membership in what was an effort to make the resort a locals-focused on line casino.
The on line casino formally closed its doorways on Jan. 13, 2014. The previous Caesars Leisure and now-defunct Tropicana Leisure collectively acquired the Atlantic Membership and its property in chapter for simply $23.4 million. Tropicana purchased the on line casino’s slot machines, desk video games, and participant database, whereas Caesars retained the bodily property.
Caesars in Might 2014 bought the Atlantic Membership to a Florida actual property agency known as TJM Properties for $13.5 million. TJM held on to the vacant asset till it discovered a purchaser in Colosseo in 2019. The sale value was not disclosed publicly.
Atlantic Membership Future
The previous Atlantic Membership has been focused for an array of tasks through the years. An indoor waterpark from an purchaser was floated in 2017 to no avail, and Stockton College in 2018 thought of shopping for the resort to increase its Atlantic Metropolis campus.
The chances concerning the probability of the luxurious apartment idea coming to realization are imprecise. However a clearer outlook will probably emerge as soon as Colosseo particulars its imaginative and prescient subsequent month.
“We’re wanting ahead to working in Atlantic Metropolis, and restoring such an ideal property,” Sebastiani commented throughout his 2019 buy of the closed on line casino.
