Atlantic Club Casino having a hard time finding a buyer

One of the formerly most popular hotel casinos on Atlantic City’s Boardwalk is not feeling any love. The Atlantic Club has been closed since January 2014 after increased competition in the area left it with no financial future and, since then, has been looking for a new owner. Several possibilities have risen over the years, only to have each one dry up. The latest deal seemed to be a sure bet until the possible suitor pulled out last month.

According to reports that surfaced last month, North American Acquisitions (NAA) had shown interest in the property and had even entered into negotiations with its current owner, Florida-based TJM Properties. TJM initially denied the reports, with the company’s senior partner, Jeffrey Smolinsky, only acknowledged that casual discussions had been held, but NAA officially cancelled a previously submitted notice of settlement on February 19.

Before the casino closed in 2014, it was purchased by Caesars Entertainment in conjunction with Tropicana Entertainment. Caesars took control of the operations and sold them to TJM five months after the closure and TJM has been trying to unload it ever since.

In 2017, TJM thought it found a buyer, but that deal apparently fell through. Last year, there were two separate entities looking at the property—Stockton University and Advanced Consulting, Inc.—but those deals also dried up.