ATLANTIC CITY — The first victim of 2014, the shuttered Atlantic Club casino, could be bought by a Pennsylvania real estate firm, published reports say.
According to property records cited by The Press of Atlantic City, an affiliate of Endeavor Property Group LLC is buying the complex from TJM Properties. The purchase price is not yet known.
According to Endeavor's website, the company oversees mostly senior and multi-unit housing properties.
The property group's "objective is to acquire a diversified pool of high quality strategic real estate assets throughout the Mid-Atlantic Region..." the website reads.
The Atlantic County Clerk's Office received an agreement on Dec. 29, according to the report. A sale price would become public once the transaction goes through.
After the casino closed, Caesars Entertainment spent $15 million for the land and some of the former casino's assets. Tropicana Entertainment paid $8.4 million for the slots and table games.
Due to a deed restriction sought by Caesars early last year, the property can not be reopened as a casino.
"While it may well be that the current market would make it unlikely that the property would re-open as a casino, there is no telling what the market conditions will be in 15, 10, or even five years from now," state Senator Jim Whelan — also a former A.C. mayor — said at the time.
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