Report: Former Atlantic City Casino Had Price Tag Of Just $12.5 Million When SoldClaridge Atlantic City To Take Guests Again In Late May |
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The sale of the former Claridge casino hotel in Atlantic City in February for $12.5 million is perhaps symbolic of how much the city is struggling.
The historic property was bought by TJM Properties, a real estate firm from Florida, from Bally’s Atlantic City for what was originally an undisclosed amount, but the price tag was revealed in a filing with state casino regulators that was made public Monday, the Associated Press reported.
Bally had acquired the property in 2002 and had most recently not used it for gambling. TJM reportedly will keep the property as a stand-alone hotel tower. In other words, there won’t be a casino there. The report said that the 500-room hotel is now taking reservations for stays beginning Memorial Day weekend. It’s currently closed for renovations.
The hotel first opened in 1929.
Atlantic City gaming revenues have been slumping hard since 2006. Atlantic City had gaming revenue of more than $5 billion in 2006, but since then has slipped to under $3 billion. One casino recently closed its doors thanks to poor performance.
There are currently 11 casinos in Atlantic City.
In an effort to stop the bleeding, the state legalized online gambling last year, and some of the state’s casino firms are offering games. The online games brought in more than $10 million in February. The performance during the month of March should be out soon.
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