Atlantic Club Sold to TJM Properties for $13.5 Million

June 18, 2014
Atlantic Club Sold to TJM Properties for $13.5 Million

It took just six months for Caesars to find a buyer for the old Atlantic Club property. According to the Press of Atlantic City, TJM Properties Inc has purchased the shuttered hotel-casino for $13.5 million.

Property records were recently filed in the Atlantic County Clerk’s Office that shows the purchase price of the property at $13.5 million. Records also indicate that they purchased an adjacent property for $715,000.

This isn’t the first time that TJM Properties has purchased assets from Caesars. Back in February, the former Claridge Casino Hotel was purchased for $12.5 million. It was rebranded and reopened over Memorial Day weekend as a 500-room noncasino luxury hotel.

TJM would not comment on the purchase price but they did reveal plans are in the works for the former Atlantic Club. According to spokeswoman Sherry Amos, TJM plans to reopen the Atlantic Club as a noncasino property. “They’re looking at a lot of different options” for the property but will not fully tackle the project until after the former Claridge has completed renovation later this summer.

With the purchase of the Atlantic Club, TJM now owns two properties on the Atlantic City boardwalk. Some have speculated that the Atlantic Club could be renovated into a condominium complex.

The Atlantic Club was purchased back in January by Caesars Entertainment and Tropicana Entertainment Inc. Caesars purchased the physical casino and hotel property while the Tropicana absorbed their slot machines and table games.

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