US – New York investment firm Colosseo buys Atlantic Club CasinoBy Phil - 2 October 2019
TJM Properties, a noted Florida real estate firm and hotel management company, has sold the Atlantic Club Casino Hotel to Colosseo Atlantic City, a New York City-based investment and construction firm.
One of two TJM-owned properties located on Atlantic City’s fabled Boardwalk, the 800-room hotel was closed in 2014 by Caesars Entertainment, and subsequently purchased by TJM. The property was owned and developed by Stephen Wynn, the well-known casino operator of such properties as the Mirage and Bellagio in Las Vegas.
“We have made every effort to find a buyer who could realise the potential of The Atlantic Club Casino Hotel,” says Matt Bradley, one of the heads of development and operations for TJM who handled the sale. “We are confident that with their extensive experience in construction and redeveloping larger properties, Colosseo is the right company for the job.”
Colosseo’s Principal Rocco Sebastiani said: “We are looking forward to working in Atlantic City, and restoring such a great property.”
TJM owns and operates another iconic Boardwalk property, The Claridge Hotel, a historic 500-room property attached to Bally’s Casino. TJM also owns three other prominent hotels in the Northeast, under the Radisson and Crowne Plaza flags, in Philadelphia, Columbus and Syracuse.
TJM owns several properties throughout Florida, including the Oaks of Clearwater in downtown Clearwater and the historic Princess Martha in downtown St Petersburg.