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Former Atlantic Membership On line casino in Atlantic Metropolis to Develop into Luxurious Condos

Posted on: November 24, 2022, 12:22h. 

Final up to date on: November 23, 2022, 06:05h.

The Atlantic Membership On line casino Lodge’s closing in January 2014 sparked a series response of resorts closing within the New Jersey beachfront gaming city. Three further Atlantic Metropolis casinos closed that very same 12 months — Showboat, Revel, and Trump Plaza — and the Trump Taj Mahal shuttered two years later in October 2016.

The Atlantic Membership On line casino Lodge is seen shuttered on this 2019 {photograph}. The previous on line casino has sat vacant since early 2014, however its present proprietor desires to remodel the on line casino’s resort guestrooms into luxurious condominiums. (Picture: NJ Advance Media)

Virtually 9 years for the reason that closing friends exited the Boardwalk on line casino, a brand new future is rising for the Atlantic Membership.

NJ Advance Media reported in the present day that the property’s present proprietor, Rocco Sebastiani and his New York actual property funding agency, Colosseo Improvement Group, Inc., desires to overtake the previous on line casino resort right into a luxurious condominium complicated. Specifics of the undertaking are to be revealed subsequent month, Sebastiani mentioned.

The present situation of the constructing’s inside is unknown. However the exterior has been cited for quite a few security violations in recent times.

Within the fall of 2017, the ceiling of the Atlantic Membership’s porte-cochere collapsed. And the next spring, sections of the resort’s exterior crumbled and fell to the Boardwalk under, jeopardizing pedestrian security and elevating alarms concerning the construction’s general situation.

Atlantic Membership Previous

Envisioned and constructed by Steve Wynn, the Atlantic Membership opened in 1980 because the Golden Membership. It rapidly turned a Rat Pack hangout, with Frank Sinatra, Dean Martin, and Sammy Davis Jr. among the many on line casino’s early regulars.

After Wynn grew uninterested in New Jersey politics and determined to exit the Atlantic Metropolis gaming scene, his Mirage Resorts bought the Atlantic Membership to Bally Manufacturing in 1987, and the on line casino was rebranded Bally’s Grand.

The on line casino was once more renamed in 1996, this time to Atlantic Metropolis Hilton, after Bally Manufacturing bought the resort to Hilton Accommodations. The property turned ACH On line casino Resort after Hilton terminated its licensing settlement with Colony Capital, which acquired Atlantic Metropolis Hilton in 2005 from Hilton Accommodations.

As enterprise slowed in Atlantic Metropolis as gaming expanded into quite a few states up and down the East Coast, the on line casino fell on tough occasions. In 2012, the on line casino was rebranded as soon as extra to Atlantic Membership in what was an effort to make the resort a locals-focused on line casino.

The on line casino formally closed its doorways on Jan. 13, 2014. The previous Caesars Leisure and now-defunct Tropicana Leisure collectively acquired the Atlantic Membership and its belongings in chapter for simply $23.4 million. Tropicana purchased the on line casino’s slot machines, desk video games, and participant database, whereas Caesars retained the bodily property.

Caesars in Could 2014 bought the Atlantic Membership to a Florida actual property agency known as TJM Properties for $13.5 million. TJM held on to the vacant asset till it discovered a purchaser in Colosseo in 2019. The sale value was not disclosed publicly.

Atlantic Membership Future

The previous Atlantic Membership has been focused for an array of tasks over time. An indoor waterpark from an purchaser was floated in 2017 to no avail, and Stockton College in 2018 thought of shopping for the resort to develop its Atlantic Metropolis campus.

The chances concerning the chance of the posh condominium idea coming to realization are obscure. However a clearer outlook will seemingly emerge as soon as Colosseo particulars its imaginative and prescient subsequent month.

“We’re trying ahead to working in Atlantic Metropolis, and restoring such an important property,” Sebastiani commented throughout his 2019 buy of the closed on line casino.



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