Tuesday, August 7, 2018

Stockton University Could Buy Shuttered Atlantic Club Casino

Casino News Daily
Stockton University Could Buy Shuttered Atlantic Club Casino

New Jersey’s Stockton University is considering the purchase of the ill-fated Atlantic Club Casino Hotel as part of its expansion into Atlantic City, the Press of Atlantic City reported Monday.

It was understood that the university’s Board of Trustees will discuss the potential purchase of the former casino resort during a Wednesday closed session. According to the board’s meeting agenda, a public vote on the purchase of the Atlantic Club could also take place on Wednesday.

Formerly known as Golden Nugget, Bally’s Grand, and The Grand, the Atlantic Club originally opened doors in 1980. It closed doors permanently in January 2014 to become the first of five Boardwalk casino properties to shut down in the period between 2014 and 2016.

The Atlantic Club has remained unoccupied since its closure. Florida-based real estate acquisition firm TJM Properties bought the property from a New Jersey affiliate of Las Vegas gaming giant Caesars Entertainment Corp in May 2014 for the total amount of $13.5 million. A deal for the sale of the shuttered casino resort to R&R Development fell through in 2015 as the Ventnor-based company failed to secure the necessary financing. That deal could have also seen the Atlantic Club be converted into a family-friendly resort with no gambling options.

No Room for Expansion in Galloway

Stockton University is located in the Galloway Township in Atlantic County, but has been looking to expand into Atlantic City for several years now. News about the potential purchase of the Atlantic Club arrived just days ahead of the planned opening of the university’s new Atlantic City campus, which is located just several blocks from the shuttered casino resort.

Commenting on the latest announcements, Stockton University spokeswoman Diane D’Amico told the Press of Atlantic City that they are growing and that as there is no more room for expansion in Galloway they are keeping their options open for their growth across Atlantic City. Ms. D’Amico further noted that the potential purchase of the Atlantic Club would come as part of their commitment to help Atlantic City revitalize itself after the Great Recession and its aftermath as well as the massive expansion of casino gambling across the East Coast that broke the city’s three-decade monopoly over that type of activity in that part of the nation.

The Press of Atlantic City also reported that as part of the potential purchase deal, Atlantic Club’s current owner would demolish the 23-story hotel tower that is part of the property but would keep its 600,000-square-foot parking garage.

Stockton University recently finalized the sale of the Seaview Resort to a Florida-based company for the total amount of $21.07 million. The university said that the deal made it possible for it to consider the purchase of the Atlantic Club.

The university’s Board of Trustees is slated to meet Wednesday. The meeting will include a closed session and a public portion that could feature a vote on the purchase of the closed casino property.

The post Stockton University Could Buy Shuttered Atlantic Club Casino appeared first on Casino News Daily.

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