The new owner of the former Atlantic Club Casino Hotel in Atlantic City has hired a real estate broker and marketing manager as it looks to reopen the shuttered property as a non-gambling resort.
Colosseo Atlantic City Inc., a New York-based investment and construction company, bought last month the former Boardwalk hotel and casino resort from TJM Properties for an undisclosed purchase price.
Colosseo said in a statement from earlier this week that it has hired Joshua Garay, who runs New York- and New Jersey-based real estate company Garay Real Estate. According to the statement, Mr. Garay and his firm have already begun “negotiating partnerships, joint ventures, leases and other property-related items.”
Commenting on their decision to tap Mr. Garay and his company, Rocco Sebastiani, President of Colosseo, said that they value their new partner’s “honesty, experience, and reliability” and that they expect the entire Atlantic City community to benefit from that partnership. Mr. Sebastiani went on that Mr. Garay has already designed a framework that would look to “connect with the community and provide alternative uses” for portions of the shuttered resort.
Mr. Garay added that the Atlantic Club “represents one of the finest properties on the south end of Atlantic City” and that the city “deserves a winner – exactly what Colosseo Construction will bring to the market.” He further pointed out that they “care greatly about the local community and tourist population” of the popular casino city “and share a goal to create a thriving development for years to come.”
Colosseo’s Plans for Its New Property
As mentioned earlier, it was last month when news emerged that Colosseo has purchased the former Atlantic Club from TJM Properties. The property closed doors in January 2014 to become the first of five Atlantic City casino resorts to be shuttered between 2014 and 2016 in one of the darkest episodes in the history of the popular casino gambling hub.
TJM Properties acquired the Atlantic Club about four months after its closure for $13.5 million from an affiliate of Caesars Entertainment Corp.
Over the five years during which it controlled the former casino resort, the Florida-based real estate firm tried to sell it and failed to do so on several occasions.
Commenting on the recently closed sale, Matt Bradley, head of development and operations at TJM Properties, said that they “have made every effort to find a buyer who could realize the potential of the Atlantic Club Casino Hotel” and that Colosseo was the right company for that job.
The property’s new owner plans to renovate it and operate it as a non-gambling resort. It is important to note that a deed restriction prevents the former casino complex from operating as a gambling property. Once refurbished and restored, the Atlantic Club will feature an 800-room hotel with retail space and multiple food and beverage offerings.
Mr. Sebastiani said last month that the property would need a lot of renovation to be done and that “that’s what we do […] We buy assets that need a lot of work and bring them up to market.”
Source: Atlantic Club owner hires NJ-based broker, PressOfAtlanticCity.com
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