Gambling Business: Shuttered Atlantic City Casino Has New BuyerThe Atlantic Club, Once Eyed By PokerStars, Sold For Undisclosed Price |
|
One of Atlantic City’s oldest casinos could reopen thanks to a sale announced this week.
Press Of Atlantic City reported that R&R Development Group has reached a deal to acquire the Atlantic Club casino for an undisclosed price. The casino closed in early 2014.
While in the process of obtaining a license to offer online poker in New Jersey, PokerStars was seeking to buy the casino. However, that deal fell through.
R&R Development Group has plans for a water park on adjacent land, according to the report. The plans do not include having gambling at the rebooted facility, according to the Associated Press. The city’s gambling market has been cut in half over the past 10 years.
The last time the casino had changed hands was when TJM Properties bought it for $13.5 million from a Caesars subsidiary in 2014.
R&R said that it will “refurbish” the casino built by Las Vegas mogul Steve Wynn and “restore it to its original glory.”
Opening in 1980 as the Golden Nugget, the Atlantic Club later went through several owners and re-brandings. In 2005, hedge fund Colony Capital bought the property for around $500 million. Colony Capital was at one point prepared to sell it to PokerStars for $15 million but the deal collapsed, much to the dismay of the poker community.
The casino eventually went bankrupt, resulting in the property’s assets being bought by Caesars and Tropicana. Those two companies quickly gutted the casino.
The Atlantic Club was the first of four casinos to close in 2014.
Copyright © 2001-2024
CardPlayer.com. All rights reserved.
