ATLANTIC CITY — The owners of the closed Atlantic Club Casino Hotel said Monday they are close to reaching a deal with a buyer.
Dale Schooley, director of acquisitions for Florida-based TJM Properties, said they have a contract with a group and are waiting for the “hard money” for the deal, which is expected to come later this week. Schooley said he was not at liberty to name the company.
Various groups have been interested in the property over the last couple of months, Schooley said.
Mayor Don Guardian said Friday he had talked to two developers who expressed interest in the property.
Clearwater, Florida-based TJM purchased the Atlantic Club from an affiliate of casino giant Caesars Entertainment Corp. in May 2014 for $13.5 million. Since its closing three years ago, the vacant Atlantic Club’s only sign of life has been the reflection of tourists and locals in its giant, black windows.
In April, a deal by a local development group to buy the closed casino and redevelop it as a water park and family resort fell through. It was the second time plans to bring a water park to the site died.
In January 2016, another deal collapsed when TJM Properties asked Pennsylvania firm Endeavor Property Group to close on the casino, which has stood dormant since January 2014. Endeavor said it needed more time to secure financing.
“I know that over the last couple of weeks, two different developers were interested in it, and we turned them over to the owner,” Guardian said Friday.
Guardian said there has been much debate over the future of the property.
“Some people say if they buy the Atlantic Club, they might bulldoze it because they don’t feel/think it’s worth it,” Guardian said. “Everyone wants to save the garage; some people want to save the tower that was built. While others said it just needs some TLC.”