A Pennsylvania development firm hopes to acquire Atlantic City’s closed Atlantic Club casino and turn it into an entertainment complex that would include two water parks—one indoors and one outdoors—and a beach bar.
Endeavor Property Group is reportedly in talks to buy the Atlantic Club tower and surrounding property for an undisclosed price.
Endeavor attorney Jason Sieminski told the state Casino Reinvestment Development Authority that plans call for re-opening the Atlantic Club’s hotel tower and may include creating some condominium units.
“I think Atlantic City has a very strong future. Endeavor is excited to be part of it,” Sieminski said.
The redevelopment plan includes refurbishing the second floor of the existing hotel to include an ocean front restaurant and bar, family buffet style restaurant and a nearly 58,000-square-foot family entertainment center, among other amenities. More than 800 hotels rooms would be available under the plan as well.
The project also includes the construction of 26,670-square-foot water park at the boardwalk, as well as another 81,454-square-foot water park. Plans also include a permanent beach cafe with indoor and outdoor dining.
There are no plans for a casino at the site.
The authority gave the project a thumbs up by endorsing a redevelopment plan introduced earlier this month to the Atlantic City Council.
Atlantic City Mayor Don Guardian, who sits on the authority’s board, said the redevelopment would help the city in its goal to cut down its reliance on casino gambling and build new non-gaming attractions.
“It couldn’t be a more perfect re-adoption of this property,” he said.
Endeavor, of Devon, Pennsylvania, is negotiating to buy the Atlantic Club from TJM Properties Inc.
TJM Properties, based in Clearwater, Florida, bought the Atlantic Club last year for $13.5 million from an affiliate of Caesars Entertainment Corp. Caesars and Tropicana Entertainment Inc. paid a combined $23.4 million to acquire the Atlantic Club in a bankruptcy sale in December 2013.
Caesars took possession of the property and buildings for $15 million, while Tropicana bought the Atlantic Club’s slot machines and table games for $8.4 million.
Caesars has placed a deed restriction on the property that prohibits any new owners from operating the Atlantic Club as a casino.
