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US – Florida property company snaps up casino-less Atlantic Club

By - 2 June 2014

The former Atlantic Club Casino Hotel is to lose its casino having being snapped up by TJM Properties, a Florida company owned by Terence McCarthy of St. Petersburg.

The company, who paid an undisclosed sum for the casino to Caesars Entertainment, confirmed it will operate it as

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a non-gambling facility.

Company spokeswoman Sherry Amos said: “TJM is attracted to the Atlantic City market, and they believe that non-casino amenities have great value in the future of Atlantic City.”

The purchase follows the acquisition in February of the 500-room at the former Claridge Hotel Casino, which was part of Bally’s Atlantic City, for US$12.5m also from Caesars Entertainment.

Caesars teamed up with Tropicana Entertainment to jointly bring the Atlantic Club out of bankruptcy last December.

The two casino operators split its assets, with Tropicana taking the gambling equipment and customer lists, and Caesars getting the building and the land under it. The two companies then shut down the Atlantic Club on January 13, reducing the competition in the Atlantic City casino market to 11.

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