Atlantic City’s former Atlantic Club casino remains hard to sell as another potential deal for the property appears to have fallen through.
The Press of Atlantic City reported that last month a notice of settlement was submitted between Florida-based TJM Properties and buyer Jeffrey Smolinsky of North American Acquisitions in Atlantic County New Jersey. That notice has now been cancelled.
A TJM Spokesman had previously told the Press that no deal was in the works.
The Atlantic Club closed in January 2014 and was purchased four months later by TJM for $13.5 million from an affiliate of Caesars Entertainment Corp.
According to the Press, in 2017, a Ventnor development group wanted to buy the casino and convert it into a water park, but the deal fell through. Another deal collapsed a year prior when Pennsylvania-based Endeavor Property could not secure funding to buy the property.
Stockton University also explored buying the property, which neighbors its new Atlantic City campus. The university wanted the property’s nine-level parking garage and sought to have the casino and hotel property demolished. The deal fell through last September.
