While attention has been on Atlantic City’s municipal money problems and its shrinking casino base, developers have been coming up with plans to launch significant projects along the resort’s Boardwalk.
While nothing is built until it’s built, The Huffington Post talked to three major players in the city who are banking on the resort turning itself around.
Among them was Miami based Bruce Kaye, the CEO of Fantsea Resorts, who told the website his company is investing heavily in Atlantic City, where it already owns three properties. Fantsea Resorts, currently owns the Flagship—undergoing a major renovation—located in Atlantic City’s inlet section, Atlantic Palace on the boardwalk, and La Sammana in neighboring Brigantine.
Kaye said his company is seeing such great demand in Atlantic City that he is negotiating with Revel Casino owner Glenn Straub to take over the 12 unfinished floors of the building and convert them to timeshares.
Also at work in Philadelphia Developer Bart Blatstein, who has already purchased and renovated the city’s former Ocean One Mall and the former Showboat casino. Blatstein noted that Boardwalk property in Atlantic City is going for very low prices.
“Property on the boardwalk in Atlantic City is going for $30 a square foot,” he told the website. “In nearby Margate and Ventnor, it’s going for $1000 square foot. When I go into an area, I buy critical mass. I welcome other developers to come in.”
He also said he is in talks with Carl Icahn to take over the currently closed Trump Plaza. The property includes a large parking garage, which Blatstein hopes will help solve his parking problems at his entertainment development The Playground in the former mall. He also said he wants to connect the site with a walkway between the Tanger Retail Outlet shops and the Boardwalk.
Blatstein said he also plans a major refurbishment of the Showboat property—which was partially re-opened this summer—over the winter.
Finally, the web site talked with Straub, who has been frustrated with his attempts to reopen the closed Revel casino he bought last year. The report, however, noted Straub’s talks with Kaye over timeshares, and also disclosed that an unnamed eSports fantasy company that is considering making the Revel their national headquarters and holding events in Atlantic City’s Boardwalk Hall.
Straub has said he hopes to partially re-open the property in October as he deals with local and state building regulations.
