Bart Blatstein still sees a future in Atlantic City, but one without his Playground, the shopping and entertainment pier he bought from Caesars Entertainment five year ago.
A Philadelphia developer, Blatstein told the Associated Press on January 28 that he sold the pier complex for an undisclosed price to a subsidiary of Caesars Entertainment, and will concentrate his efforts on bringing gambling back to the Showboat, which he purchased to run as a non-casino hotel.
A Caesars spokeswoman confirmed the deal, saying the company will consider plans for the pier property over the next few months. “We are dedicated to working collaboratively with all stakeholders to position the city as a leading gaming and entertainment destination here on the East Coast,” Caesars said in a statement.
Blatstein would not discuss his plans for the Showboat in detail, saying he would have an announcement in the not-too-distant future of a “very significant development” there. “More than ever, I am extremely bullish on Atlantic City.”
Last year, the state Casino Control Commission gave Blatstein preliminary approval to pursue a casino license, and he said at the time he believes the market can handle another casino. He still feels that way. Should he succeed in restoring gambling there, the Showboat would become Atlantic City’s 10th casino. While such a move may add gaming revenue and employment, it would further dilute the already-lower earnings of the city’s casinos, which could threaten one or more of the existing casinos with failure.
Blatstein bought the pier—known at the time as the Pier Shops at Caesars—for $2.7 million, and reopened it as the Playground in June 2015. He said he invested $52 million in its renovation in the hope of reinvigorating some of the most prime but underutilized real estate on Atlantic City’s Boardwalk. Caesars retained ownership of the pier itself.
He added nightlife options and some retail outlets, but passenger traffic fell. Anchors including an Apple store, Tommy Bahama and Gucci have departed.
The absence of affordable, accessible parking helped sink The Pier Shops, and held back The Playground. The Playground offered valet parking nearby and free surface parking with a shuttle, which some potential customers found off-putting.
