Thursday, 18th July, 2024

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Developer Announces Plan to Convert Former Atlantic City Casino Into Luxury Condos

According to developers, the Boardwalk property that initially hosted the Atlantic Club Casino Hotel will be rebuilt into upscale apartments. The casino hotel was among one of New Jersey’s online casinos that offer a wide variety of games and was well patronized by many visitors to New Jersey.

Is the Atlantic City Casino Getting a Makeover?

Rocco Sebastiani, the president of Colosseo Atlantic City Inc., the New York investment and construction group that owns the Atlantic Club said efforts are in the works to rehabilitate the Boardwalk facility.

Sebastiani stated that the city only needs to approve specific site plans for work to begin. Despite these intentions, the property still had eight outstanding tax liens, according to the spokesperson of the municipal office, Alexxus Young.

Young stated that no payment was received on November 1, when taxes were due, and the owner owed an estimated $680,000 in delinquent taxes. The tax office said in July that the lots would be available for purchase on December 16. Still, the city’s 2022 Online Tax Lien Sale was already open, according to Young.

Various tax liens have been placed on the property throughout last year. However, Sebastiani stated that he has filed tax appeals for the past three years and expects to get at least $2 million in refunds for 2020, 2021, and 2022 if the requests are successful. More concrete plans, according to Sebastiani, would be presented in early January.

There was no indication of how long construction would take or when drawings would be published. However, due to a deed limitation that forbids the property from operating as a casino, the facility at 3400 Pacific Avenue will not be used for gaming. Young stated that the city would not comment on future plans for the Atlantic Club. The Atlantic Club facility started developing structural problems in January 2014 and was purchased four months later for $13.5 million by Florida-based TJM Properties from a Caesars Entertainment Corp. affiliate.

Colosseo acquired the property in 2019 from TJM. The firm stated that it sold the closed casino hotel to Colosseo to find a buyer who would be able to realize the full potential of the Atlantic Club. Stockton University was once interested in acquiring the Atlantic Club, located close to its city campus, but the sale fell through.

Stockton desired the nine-level parking structure but intended to demolish the casino and hotel. Several ideas have come up about the site over the years. A Ventnor development business intended to buy the site and turn it into a water park in 2017, but did not succeed.

A year earlier, Endeavor Property Group of Pennsylvania was not able to acquire the property because it lacked the necessary cash. The Atlantic Club was previously known at various times as the Golden Nugget, Bally’s Grand, The Grand, Atlantic City Hilton, and ACH.

The Economic Impact of Turning a Casino into Luxury Condos

The economic impact of turning a casino into luxury condos can be both positive and negative.

On one hand, it can create jobs in the construction industry and the hospitality sector, which will help stimulate the local economy. It could also bring in more tax revenue for the city or state where the property is located.

On the other hand, there are potential drawbacks. For instance, if too many casinos are converted into luxury condos, it could lead to an oversupply of housing and cause property values to drop.

Some people may oppose such developments due to their potential environmental impacts or because they believe that casinos should remain open for entertainment rather than being turned into residential properties.

Ultimately, any decision regarding whether or not to convert a casino into luxury condos should take all these factors into consideration before proceeding with such a project.

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