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New Round of Atlantic Club Sale Reports Emerges

Another Atlantic City Boardwalk property might have found a new owner after New York hedge fund Luxor Capital Group agreed to buy Ocean Resort Casino, the former Revel, from Colorado businessman Bruce Deifik

A notice of settlement for the sale of the shuttered Atlantic Club Casino Hotel has been filed with Atlantic County, but the property’s current owner denies a transaction is to take place, The Press of Atlantic City reported on Saturday.

Notices of settlement are typically filed when details about the sale of a property are finalized. The Atlantic Club notice was filed on January 15 and listed the closed hotel and casino resort’s current owner – Florida-based TJM Properties – as the seller and Jeffrey Smolinsky as the buyer on behalf of North American Acquisitions.

According to its LinkedIn profile, North American Acquisitions is a Philadelphia-based investment management company that specializes in the sale of “privately held businesses […] with revenues between $1 million and $100 billion.” Mr. Smolinsky is listed as a Senior Partner in the firm.

Despite the notice of settlement filing, the Atlantic Club’s current owner told The Press of Atlantic City that there was no active contract. A spokesperson for TJM further explained that the company has spoken with Mr. Smolinsky “a handful of times” but has not heard of him for weeks now.

The notice of settlement does not list a purchase price for the closed Boardwalk casino resort. As mentioned earlier, news about the Atlantic Club potentially being sold emerge just shortly after Bruce Deifik confirmed that he was selling Ocean Resort Casino to Luxor Capital Group just a year after he acquired what had formerly operated as Revel.

The Atlantic Club Sale Saga

The Atlantic Club originally opened doors as Golden Nugget Hotel & Casino in 1980. The property was renamed on several occasions during its 34 years of operations until it was shuttered in January 2014 to become the first of an unfortunate streak of Boardwalk closures that saw four more properties close doors in the following two and a half years.

Caesars Entertainment Corp. and Tropicana Entertainment bought the property ahead of its closure, with Caesars assuming ownership of the former hotel and casino. The Las Vegas casino giant sold the resort to TJM Properties in May 2014.

The Florida-based developer was on the verge of selling the unfortunate property on several occasions but all negotiations eventually fell through every time.

Most recently, New York real estate firm Advanced Consulting Inc. revealed late last year that it wanted to buy the Atlantic Club and turn it into a non-gambling hotel resort. Back in August 2018, Stockton University announced plans to buy the shuttered Boardwalk property as part of its Atlantic City expansion. The university opened last fall its new beachfront campus in the popular resort destination.

Stockton officials said that they were interested in a nine-level garage and the land occupied by the Atlantic Club and that they would demolish the property. However, that deal failed, as well. Previous negotiations about the sale of the shuttered resort involved its purchase by a development group that wanted to redevelop it into a family destination resort with a water park.

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The post New Round of Atlantic Club Sale Reports Emerges appeared first on Casino News Daily.

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