Stockton University may become the new owner of the Atlantic Club Casino Hotel. The Stockton University Board of Trustees could vote to purchase the shuttered casino property as soon as Aug. 8.
The former casino is two blocks from Stockton University’s new Atlantic City campus. The property contains a 50,000 square-foot office area, 550,000 square feet of parking space, and a 23-story hotel tower. The plan would include a demolition of the hotel tower.
According to Diane D’Amico, spokeswoman for Stockton University:
“Certainly we are growing. There is no more room to expand in Galloway, and so we need to keep our options open, and we see Atlantic City as very promising. It’s part of our commitment to help revitalize the city.”
The Atlantic Club closed its doors in 2014. TJM purchased the property in May 2014 for $13.5 million.
Stockton University is flush after it sold Seaview Resort to a Florida company for $21.03 million last week. D’Amico confirmed that the sale is what put the Atlantic Club purchase on the table.
New Life for the Atlantic Club
The sale would begin a new chapter in the life of one of the most storied pieces of property in Atlantic City. The Atlantic Club’s demise in 2014 ended one of the more precipitous declines in casino history.
Atlantic Club began its life as the original Golden Nugget Hotel & Casino in 1980. The property was one of now-disgraced casino mogul Steve Wynn‘s first projects.
Despite its small size, the casino was the top-grossing property in Atlantic City by 1983. Four years later, Wynn sold the property to Bally’s for $440 million.
Thus began a series of ownership and name changes for the property. Each owner tried in vain to correct the casino’s slide toward insolvency.
Since then, the property has stood vacant amid several redevelopment attempts such as a non-gaming facility or even an indoor waterpark.
Atlantic City is on the rebound
Perhaps Stockton University’s plan will be the one to finally stick. However, it is a shame that this property continues to languish even as others reemerge and flourish.
NJ sports betting has also opened another option for revenue for gaming properties. Even so, The Atlantic Club and Trump Plaza remain dark on the Boardwalk.
Hopefully, one of them will turn the lights on soon.
Image credit: Andy Borysowski / Shutterstock.com