Atlantic Club

The Atlantic Club Casino Hotel has stood empty since 2014. 

ATLANTIC CITY — A notice of settlement has been filed regarding the former Atlantic Club Casino Hotel, but the owner of the shuttered property denies there has been a sale.

The notice, filed Jan. 15, lists the seller as Florida-based TJM Properties and the buyer as Jeffrey Smolinsky, on behalf of North American Acquisitions.

A spokesman for TJM told The Press there is no active contract and he was unsure why it was filed. Smolinsky did not return requests for comment.

“We have only spoken to him a handful of times. It appeared he is the principal, and we have not heard from him in a few weeks now,” said TJM spokesman Matt Bradley.

No sale price was listed in the notice of settlement, a legal document that states a property is to be sold.

A profile for North American Acquisitions on the social networking site LinkedIn says the company is a Philadelphia-based investment management firm that specializes in “the sale of privately held businesses primarily with revenues between $1 million and $100 billion.” It lists Smolinsky as a senior partner.

The Atlantic Club, which closed in January 2014, has been nearly sold on several occasions since TJM purchased it for $13.5 million from an affiliate of Caesars Entertainment Corp. Most recently, in November, New York-based real estate firm Advanced Consulting Inc. had said it was in negotiations to buy the property and turn it into a non-gambling hotel and resort.

TJM announced in September that Stockton University would not be buying the property after negotiations failed to progress.

Stockton had announced plans in August to purchase the Atlantic Club just prior to the opening of its $176 million Atlantic City campus.

The university said it was interested in the nine-level parking garage and the land but wanted to demolish the casino and hotel.

In October 2017, the company said it had a contract with an unnamed group and was waiting for the “hard money” for the deal.

In April 2017, a deal by a Ventnor development group to buy the closed casino and redevelop it as a water park and family resort called Dolphin Village at Atlantic Club 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 asked Pennsylvania firm Endeavor Property Group to close on the casino. Endeavor said it needed more time to secure financing.

TJM also owns The Claridge — A Radisson Hotel in the city.

Contact: 609-272-7241 Mbilinski@pressofac.com Twitter @ACPressMollyB

Staff Writer

My beat is public safety, following police and crime. I started in January 2018 here at the Press covering Egg Harbor and Galloway townships. Before that, I worked at the Reading Eagle in Reading, Pa., covering crime and writing obituaries.

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

PLEASE BE ADVISED: Soon we will no longer integrate with Facebook for story comments. The commenting option is not going away, however, readers will need to register for a FREE site account to continue sharing their thoughts and feedback on stories. If you already have an account (i.e. current subscribers, posting in obituary guestbooks, for submitting community events), you may use that login, otherwise, you will be prompted to create a new account.

Load comments