Atlantic City’s Atlantic Club sold for $13.5 million

The Atlantic Club, a former Atlantic City casino that closed in January, has been sold for $13.5 million to TJM Properties Inc. of Florida. The company also bought the Claridge Hotel in the resort, another former casino, and is currently refurbishing the property.

The former Atlantic Club casino in Atlantic City brought .5 million and has been sold to a Florida-based real estate firm, which has bought other former casinos in the resort.

TJM Properties Inc. of Clearwater Florida, bought the former casino from Caesars Entertainment Corp. in May, but terms of the deal were not disclosed.

According to the local Press of Atlantic City, deeds filed this month with the Atlantic County Clerk’s Office show TJM paid $13.5 million for the old casino-hotel complex and $715,000 for adjacent property. The company also inherits leases with the city for beachfront property in front of the Atlantic Club.

Both TJM and Caesars officials declined to comment on the sale.

TJM officials, however, have said in the past that they want to reopen the Atlantic Club as a non-gambling property, though some analysts also feel the hotel tower could be turned into condominiums.

The company is currently refurbishing another former Atlantic City casino, The Claridge Hotel, which it is operating it as a non-gambling hotel as well

TJM bought the Claridge from Caesars Entertainment in February for $12.5 million. The 500-room hotel reopened Memorial Day weekend.

The Atlantic Club closed in January after it was sold in a bankruptcy auction to Caesars and the Tropicana Casino Resort in Atlantic City. Caesars Entertainment took possession of the property and buildings for $15 million, while Tropicana Entertainment Inc. bought the Atlantic Club’s slot machines and table games for $8.4 million.

Atlantic Club originally opened in 1980 as the Golden Nugget and was then owned by Steve Wynn. Last year, online poker giant PokerStars made a bid to buy the property and continue operating it as a casino, but could not get licensed by state regulators and had to withdraw.