Atlantic Membership AC Proprietor Says Situation Worse Than Anticipated
The homeowners of the previous Atlantic Membership On line casino Lodge on the south finish of the Boardwalk say the situation of the rundown resort was worse than anticipated. The property has sat vacant because it closed in January of 2014.
The previous Atlantic Membership on line casino and resort on the Atlantic Metropolis Boardwalk has sat vacant for practically a decade. The property’s new homeowners have grand plans for the advanced that embrace luxurious condos and a high-end boutique resort. (Picture: AP)
Within the fall of 2019, TJM Properties, an actual property improvement agency based mostly in Florida, agreed to promote the Atlantic Membership to Colosseo Improvement Group. TJM acquired the previous on line casino from Caesars Leisure in Might 2014 for simply $13.5 million.
Caesars by no means truly operated the Atlantic Membership however as an alternative bought the on line casino out of chapter with Tropicana Leisure for about $23.4 million. Tropicana acquired the on line casino’s bodily slot machines, desk video games, and participant database, whereas Caesars took management of the constructing’s bodily construction and acreage.
Tropicana paid the majority of the $23.4 million, primarily for the Atlantic Membership’s participant database. Earlier than its closing, the Atlantic Membership was a locals-oriented on line casino with the advertising slogan, “A on line casino for the remainder of us.”
Caesars’ liquidation value for the Atlantic Membership, which beforehand operated as a gaming resort beneath a number of different manufacturers — together with the Golden Nugget, Bally’s Grand, The Grand, and Atlantic Metropolis Hilton — got here after Caesars determined Atlantic Metropolis was oversaturated.
Caesars determined to promote the property. That’s as a result of it believed fewer casinos in Atlantic Metropolis would enable the corporate’s extra distinguished resorts on the town, particularly Caesars and Harrah’s, to prosper.
After closing the Atlantic Membership, Caesars shuttered its Showboat on line casino in August 2014. The Revel and Trump Plaza adopted in September. The Trump Taj Mahal marked the fifth Atlantic Metropolis on line casino for closing when it completely powered down its slot machines in October 2016.
AC Again On
It’s been greater than 9 years because the Atlantic Membership closed down. Regardless of lingering financial issues in New Jersey’s on line casino city, Colosseo believes the time is lastly ripe for producing new life within the former Atlantic Membership.
Colosseo, a residential and business actual property developer based mostly in New York Metropolis, is led by Rocco Sebastiani.
Firm officers mentioned quickly after buying the shuttered on line casino that Colosseo Improvement would renovate the property and reopen the resort as an 800-room nongaming resort. Upon inspecting the property at 3400 Pacific Avenue, Sebastiani mentioned the construction was worse than anticipated.
We had the plan to go in and modernize the furnishings and the fixtures. However after we received in there, the methods didn’t work. It was actually, actually dangerous,” Sebastiani informed ENR New York this week, a development information supply.
Sebastiani mentioned not solely was the constructing’s façade falling onto the Boardwalk and streets beneath, however the inside was severely broken by water intrusion and years of neglect.
In consequence, Colosseo has been making the mandatory repairs and enhancements to carry the constructing as much as code and prepared the property for a significant renovation.
Atlantic Membership Future
Colosseo is making ready to remodel the Atlantic Membership right into a mixed-use advanced that Sebastiani has dubbed a “condo-tel.” The corporate plans to remodel the property’s two towers right into a high-end boutique resort and a luxurious residential condominium advanced.
The 23-story South Tower will characteristic greater than 130 condos starting from 1,800 to three,000 sq. ft. The North Tower will likely be a 330-room resort. Most condos will characteristic 360-degree panoramic views of Atlantic Metropolis and the Atlantic Ocean.
“Rising up in Florida gave me inspiration. For those who come right here to go to the seaside, why come right here and never be capable of look out the window?” Sebastiani requested.
